Project details for three new investments are as follows:

• Project A: Initial outlay of ₹20,000, cash inflows of ₹6,000, ₹8,000, ₹10,000 over three years.
• Project B: Initial outlay of ₹25,000, cash inflows of ₹9,000, ₹9,000, ₹9,000 over three years.
• Project C: Initial outlay of ₹30,000, cash inflows of ₹10,000, ₹12,000, ₹15,000 over three years.

Requirements:

1. Calculate the Payback Period for each project.
2. Determine the Discounted Payback Period at a discount rate of 13%.
3. Compute the NPV at 13% for each project.
4. Evaluate the IRR for each project.
5. Based on the NPV, which project should be selected?