Show work. Calculate the NPV and PI for each of the following projects. Which project would you choose if only one could be chosen? If multiple projects could be undertaken, how many would you accept? Assume that the cost of capital is 7% for each project.

YEAR	iPad 4	iPhone 6	iMac
0	-34,000	-12,500	-15,500
1	27,000	300	9,500
2	14,600	9,500	12,000
3	3,600	4,000	2,400