P8-3. The cash flows associated with three different projects are as follows Cash Flows Alpha ($ in millions) Initial Outflow Year 1 Year 2 Year 3 Year 4 Year 5 Beta ($ in millions) Gamma ($ in millions) 1.5 0.3 0.5 0.5 0.4 0.3 -0.4 7.5 2.0 3.0 2.0 0.2 0.2 -0.2 5.5 a. Calculate the payback period of each investment. b. Which investments does the firm accept if the cutoff payback period is c. If the firm invests by choosing projects with the shortest payback period, d. If the firm uses discounted payback with a 15 percent discount rate and a e. One of these almost certainly should be rejected, but may be accepted if f. One of these projects almost certainly should be accepted (unless the firm's three years? Four vears? which project would it invest in? four-year cutoff period, which projects will it accept? the firm uses pavback analvsis. Which one? opportunity cost of capital is very high), but may be rejected if the firm uses payback analysis. Which one