An investor has a budget of $12 million. He is presented with the following three projects to invest in. His cost of capital is 6%. Project A Project B Project C Initial Investment $6 million $5 million $4 million Cash flow $3 million per year for three years $2 million per year for six years $1.5 million per year for eight years Required: a) Calculate the NPV and profitability index for each of the three projects. b) Which project(s) should he invest in