Consider three projects. Project Alpha requires an initial investment of $2000 and returns $1000 annually for three years. Project Beta needs $3000 upfront and generates $1500 in the first two years and $1000 in the third year. Project Gamma demands $4000 initially and provides $2000 each year for three years.

a) Calculate the NPV of each project at a 9% discount rate. b) Determine which project(s) should be accepted based on the NPV criterion. c) Find the payback period for each project. d) Which project(s) would be accepted using a payback period cutoff of 2 years?