**Bharat Solar Power Ltd. (BSPL)** is evaluating an investment proposal to install a rooftop solar power system for an industrial client on a 4-year contract basis. The financial details of the proposal are as follows:

**Initial Capital Outlay:** ₹100 Lakhs
**Project Life:** 4 years
**Salvage Value at Year 4:** ₹10 Lakhs (contractually guaranteed / risk-free)
**Depreciation:** Straight-Line Method (SLM) over 4 years down to the salvage value
**Annual Earnings Before Depreciation and Tax (EBDT):** ₹45 Lakhs per annum for Years 1 to 4
**Applicable Tax Rate:** 30%
**Risk-Free Rate (Rf):** 6% p.a.
**Risk-Adjusted Discount Rate (RADR):** 10% p.a.

The management is considering both the **Risk-Adjusted Discount Rate (RADR) method** and the **Certainty Equivalent (CE) Approach** to incorporate project risk into the evaluation.

The estimated Certainty Equivalent Coefficients for the annual operating cash inflows are:
Year 1: **0.95**
Year 2: **0.90**
Year 3: **0.85**
Year 4: **0.80**