The following projects are available for investment:

Project A:

• Initial outlay: $50,000
• Annual cash inflow: $15,000 for 5 years

Project B:

• Initial outlay: $60,000
• Annual cash inflow: $18,000 for 5 years

Project C:

• Initial outlay: $40,000
• Annual cash inflow: $12,000 for 5 years

a) Calculate the NPV for each project using a 9% discount rate. b) Calculate the profitability index (PI) for each project. c) Which project(s) should be accepted based on the PI criterion?