DEF Corporation is considering whether to invest in Project Alpha or Project Beta. The company’s cost of capital is 11% and tax rate is 30%. Other information related to both projects are as follows:

Particulars	Project Alpha	Project Beta
Initial Investment	3,000,000	3,500,000
Expected life	5 years	5 years
Annual Income (before Tax & depreciation)	900,000	1,100,000

Depreciation is charged on a straight-line basis. You are required to calculate: a. Payback period b. NPV c. Profitability index