Please answer a,b and c and show working and explanation. Thank you!!

Part I The management of JBL Co. must choose among three alternative courses of action: Sell, License or Manufacture. The market rate of return is 10% while the risk free rate is 5%. Assume a beta of 1.4 . The cash flows associated with each alternative are as shown in the following table. a. Calculate the net present value (NPV) of each alternative and rank the alternatives on the basis of NPV. 6 marks b. Calculate the annualized net present value (ANPV) of each alternative and rank them accordingly. 4 marks c. Why is ANPV preferred over NPV when ranking projects with unequal lives? 2 marks