Payback and NPV Neil Corporation has three projects under consideration. The cash flows for each of them are shown in the following table: E. The firm has a cost of capital of 16%. a. Calculate each project's payback period. Which project is preferred according to this method? b. Calculate each project's net present value (NPV). Which project is preferred according to this method? C. Comment on your findings in parts a and b, and recommend the best project. Explain your recommendation. a. The payback period of project Ais years. (Round to two decimal places.) Data Table - X (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Project A Project B Project C Initial investment (CF) $40,000 $40,000 $40,000 Year (t) Cash inflows (CF) 1 $14,000 $6,000 $22,000 2 $14,000 $10,000 $18,000 $14,000 $14.000 $14,000 $14,000 $18,000 $10,000 5 $14,000 $22.000 $6,000 2 4. Print Done Enter your answer in the answer box and then click Check