The Bar-None Manufacturing Co. manufactures fence panels used in cattle feed lots throughout the Midwest. Bar-Nones management is considering three investment projects for next year but doesnt want to make any investment that requires more than three years to recover the firms initial investment. The cash flows for the three projects (Project A, Project B, and Project C) are as follows:

year	Project A	CMM A	Project B	CUMM B	Project C	CUMM C
0	-1000		-10000		-5000
1	600	600	5000	5000	1000	1000
2	300	900	3000	8000	1000	2000
3	200	1100	3000	11000	2000	4000
4	100	1200	3000	14000	2000	6000
5	500	1700	3000	17000	2000	8000
Initial	1000		10000		5000

a. Given Bar-Nones three-year payback period, which of the projects will qualify for acceptance? b. Rank the three projects using their payback periods. Which project looks the best using this criterion? Do you agree with this ranking? Why or why not? c. If Bar-None uses a 10 percent discount rate to analyze projects, what is the discounted payback period for each of the three projects? If the firm still maintains its three-year payback policy for the discounted payback, which projects should the firmundertake?