Zainal plans to open a do$-$it$-$yourself car washing centre in his workshop. The bathing equipment will cost RM$160,000.$ Zainal expects the after tax cash inflows to be RM$40,000$ annually for $7$ years, after which he plans to scrap the equipment and retire to the beaches of Tioman.

i$.$ What is the project$$s payback period?

ii$.$ If the required return is $13\%.$ What is the project$$s PI$?$ Should it be accepted?