3. Sports Art corporation is considering investment in three different projects. The relevant cash flows associated with each are shown in the following table. The firm's weighted average cost of capital is 15%. $100,000 Initial investment (CFO) Year (0) 1 2 3 4 5 A B $95,000 $55,000 Cash inflows (CF) $16,000 $12,000 16,000 14,000 16,000 16,000 16,000 - 40,000 16,000 50,000 $50,000 30,000 20,000 an Required: a. Calculate the payback period for each project. (2+2+2) b. Calculate the net present value (NPV) of each project. (2+2+2) c. Which project should Sports Art invest in and why? (2)