Net cash flows of two projects are shown as below.

Year	Project 1 Net cash flow	Project 2 Net cash flow
1	-3000	-5000
2	1000	2000
3	1000	4000
4	-1000	-1000
5	2000	3000

a. Assume that time value of money is not considered. Use payback period to determine which project is preferred.

b. Considering time value of money, use internal rate of return to determine which project is preferred.

c. Considering time value of money and setting discount factor to be 12%, use net present value to determine which project is preferred.