Investment A:

Year: 0 1 2 3 4 5

Cash flow: -$14,000 $5,000 $5,000 $5,000 $5,000 $5,000

Investment B:

Year: 0 1 2 3 4 5

Cash flow: -$15,000 $5000 $5000 $5000 $5000 $5000

Investment C:

Year: 0 1 2 3 4 5

Cash flow: -$18,000 $12,000 $4,000 $4,000 $4,000 $4,000

The cash flows for three projects are shown above. The cost of capital is 8.5%. If an investor decided to take projects with a payback period two years or less, which of these projects would he take?