A company is analyzing the following investment projects:

Project A:

• Initial cost: $25,000
• Year 1: $10,000
• Year 2: $10,000
• Year 3: $10,000

Project B:

• Initial cost: $30,000
• Year 1: $12,000
• Year 2: $12,000
• Year 3: $12,000

Project C:

• Initial cost: $20,000
• Year 1: $8,000
• Year 2: $8,000
• Year 3: $8,000

a) Calculate the payback period for each project. b) Calculate the NPV at a 15% discount rate. c) Based on the NPV, which project should be chosen?