Consider the following projects. The cost of capital is 15%.

	Project A	Project B	Project C
Initial investment	R900 000	R1000 000	R700 000
Cash flow year 1	R300 000	R400 000	R400 000
Cash flow year 2	R300 000	R600 000	R600 000
Cash flow year 3	R900 000	R200 000	R100 000

Required

1. Calculate the payback period for each project.
2. Calculate the NVP for each project.
3. calculate the IRR for each project.
4. indicate which project (if any) you would choose and give reason