Table 1: NPV and EVA investment decision analysis of agricultural water project (unit: 10 thousand RMB) Time (year) 3 4 Initial investment 100000 Operation income Operation cost Depreciation Income...

Can I calculate the Rate of Return using the NPV/initial investment? Why or why not?

Extracted text: Table 1: NPV and EVA investment decision analysis of agricultural water project (unit: 10 thousand RMB) Time (year) 3 4 Initial investment 100000 Operation income Operation cost Depreciation Income taxation 80000 80000 80000 80000 80000 45000 45000 45000 45000 45000 20000 20000 20000 20000 20000 3750 3750 3750 3750 3750 NOPAT 11250 11250 11250 11250 11250 After-tax cash flow 31250 31250 31250 31250 31250 NPV 18462 Capital cost EVA 10000 10000 10000 10000 10000 1250 1250 1250 1250 1250 MVA 18462