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%:

	Initial Investment	Cash flow
Project A	$6 million	$3 million per year for three years
Project B	$5 million	$2 million per year for six years
Project C	$4 million	$1.5 million per year for eight years

a) Calculate the NPV and profitability index for each of the three projects. b) Which project(s) should he invest in? Please post solution without excel