SpaceX Plc is considering projects proposed by three departments A, B, and C. Those projects all last 5 years, and their cash flows are as follow: Project A: initial investment of £20,000,000. The project will generate £8,000,000 in the first year and £7,000,000 in each subsequent year. Project B: initial investment of £15,000,000. The project will generate £5,000,000 in the first year and that will increase 20% each year. Project C: initial investment of £18,000,000. The project will generate £14,000,000 in the first year, £2,000,000 in the second year, £2,500,000 in the third year, £3,000,000 in the fourth year, and £1,000,000 in the fifth year. The cost of capital is 10%

a) If the maximum payback period is 2.4 years, which projects could be selected? Your answer should demonstrate all the intermediate step of calculations.