Apple Inc. is considering two mutually exclusive investment projects with the following cash flows:

Project A:

• Initial Investment: $1,000,000
• Cash Inflows: Year 1: $300,000 Year 2: $400,000 Year 3: $500,000

Project B:

• Initial Investment: $1,500,000
• Cash Inflows: Year 1: $400,000 Year 2: $500,000 Year 3: $600,000

Calculate the payback period and net present value (NPV) for each project. Analyze the investment alternatives and recommend the project that maximizes shareholder value for Apple Inc.