Company ABC is evaluating three investment projects:

Project X requires an initial investment of $20,000,000 and generates cash flows of $5,000,000 per year for 4 years.

Project Y requires an initial investment of $25,000,000 and generates cash flows of $6,000,000 per year for 5 years.

Project Z requires an initial investment of $30,000,000 and generates cash flows of $7,000,000 per year for 6 years.

Using a discount rate of 8%, calculate the net present value (NPV) and payback period for each project.