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Question 3 A company has $40 million available to invest in new projects. There are three independent projects that it is considering. The after-tax cash flows of the projects are as follows: Project Investment (today) Year 1 cash flow Year 2 cash flow 40 million 40 million 20 million NEX 20 million 16 million 14 million 20 million 12 million 20 million Calculate the IRR, PI and NPV of each of the two-year projects and recommend which project(s) the company should invest in (and why). The company's cost of capital is 12%. (4 marks)