Consider the following independent projects:

Project	C0	C1	C2	C3	C4	C5
A	-1,200	1,200	0	0	0	0
B	-2,500	1,200	1,200	1,200	0	0
C	-3,500	1,200	1,200	0	1,200	1,200

Requirements: a) Calculate the NPV of each project if the opportunity cost of capital is 10%. b) Based on the NPV, which project(s) should a firm accept? c) Calculate the payback period for each project. d) Which project(s) would a firm accept if the cutoff period is four years?