24. The projects all have an initial investment of $500, but each one has a different cash flow pattern. We will assume that management has set a payback period of two years as the cut-off point for an acceptable project. The cash flows for Project C are $200 in the first year and $200 in the second, $200 in the third and $5,000 in the fourth year. The cost of capital is 15%. What is the net present value? a. $3,315 b. 2,815 c. 500 a. $3,315 b. 2,815 c. 500