P10-24 (similar to) All techniquesDecision among mutually exclusive investments Pound Industries is attempting to select the best of three mutually exclusive projects. The initial investment and after-tax cash inflows associated with these projects are shown in the following table. Cash flows Initial investment (CF) Cash inflows (CF), t= 1 to 5 Project A $80,000 $25,000 Project B $120,000 $36,000 Project C $110,000 $37,000 a. Calculate the payback period for each project. b. Calculate the net present value (NPV) of each project, assuming that the firm has a cost of capital equal to 9%. c. Calculate the internal rate of return (IRR) for each project. d. Indicate which project you would recommend