As a project manager, Alan Smith has to choose between three mutually exclusive projects: A, B and C. He uses the information given below to evaluate the three projects:

Project A NPV $22,000 IRR 7.5% Payback 4 years

Project B NPV $30,000 IRR 8.0% Payback 4.5 years

Project C NPV $25,000 IRR 12.0% Payback 6 years

Based on this information, the most appropriate project for Smith's department is:

None of these projects

Project A

Project B

Project C