ABC Corporation is considering investing in a new project that costs $200,000. The company estimates that the project will generate additional cash inflows of $50,000 per year for the next 8 years. The project has no residual value at the end of its useful life. The company's required rate of return is 12%.

a) Calculate the payback period of the investment in the new project.
b) Calculate the net present value (NPV) of the investment in the new project.
c) Should ABC Corporation make the investment?