a) Calculate the expected incremental after-tax cash flows for the project and hence find the project's NPV. Should the firm accept or reject the project? Explain carefully which figures you have included or excluded in your calculations. (60 marks) b) What is the project's IRR and what is its payback period? (15 marks) c) "The IRR rule is redundant as an investment criterion because the net present value (NPV) rule always dominates it." Discuss this statement giving examples where possible. (25 marks)