The document discusses several project appraisal techniques used to evaluate investment projects: payback period, internal rate of return, net present value, discounted payback period, and adjusted present value. It then provides details of a proposed solar water heater project for Diamond Organics Ltd., including initial investment, annual cash flows, financing ratio of debt to equity, costs of debt and equity, borrowing rate, expected equity return, and tax rate. The question asks to calculate the adjusted net present value of the project.