A company evaluates three projects. Project 1 requires an investment of $5000 with returns of $1500 per year for 5 years. Project 2 needs $4000 upfront and offers $1200 annually for 5 years. Project 3 involves $3000 initially, with $1000 annual returns for 5 years.

a) Calculate the NPV for each project if the discount rate is 6%.

b) Identify the project(s) with positive NPV.

c) Determine the payback period for each project.

d) If the payback cutoff is 3 years, which project(s) should be chosen?