A consumer product firm finds that its brand of laundry detergent is losing market share, so it decides it needs to freshen the product. One strategy is to maintain the current detergent formula but to repackage the product. The other strategy involves a complete transformation of the product in a way that will appeal to environmentally conscious consumers. The firm will pursue one strategy or the other but not both. Cash flows from each proposal appear below, and the firm discounts cash flows at 13%.

Year Repackage Reformulate

0 -$3,000,000 -$25,000,000

1 2,000,000 10,000,000

2 1,250,000 9,000,000

3 500,000 7,000,000

4 250,000 4,000,000

5 250,000 3,500,000

a. Rank these investments based on their NPVs. Show your calculations!

b. Rank these investments based on their IRRs.

c. Rank these investments based on their PIs.

Note: PLEASE don't show an excel solver. I would like to see the exact steps as to how these answered are found, whether it's manually or on the financial calculator. Thanks.