Initial Investment	Cash Inflows Year 1	Cash Inflows Year 2	Cash Inflows Year 3	Cash Inflows Year 4	Cash Inflows Year 5
€8,000	€2,000	€3,000	€1,500	€2,500	€3,000
€10,000	€2,500	€3,500	€2,000	€3,000	€3,500
€12,000	€3,000	€4,000	€2,500	€3,500	€4,000

Requirements:

1. Calculate the Payback Period for each investment.
2. Determine the NPV using a discount rate of 9%.
3. Evaluate the IRR for each investment.
4. Compare the PI for each investment.
5. Analyze which investment offers the best return based on NPV and IRR.