A company considers three mutually exclusive projects that have the following monetary flux :

	INVESTISSMENT	MF(YEAR1)	MF(YEAR2)	MF(YEAR3)	MF(YEAR4)
PROJECT(1)	-500 000$	100 000$	200 000$	300 000$	400 000$
PROJECT(2)	-500 000$	800 000$	100 000$	50 000$	25 000$
PROJECT(3)	-500 000$	0$	0$	0$	1000 000$

1) Determine the NPV of each project if the required rate of return is 16% and say which of the three projects is preferable according to this criterion.