The Spinning Politician Company is considering three mutually exclusive projects: Adscams, Boondoggles and Closures. Project Adscams requires an initial investment of $12.000 and is expected to generate after-tax cash flows of $6,000 per year for five years. Project Boondoggles requires an initial investment of S18,000 and is expected to generate after-tax cash flows of $10,000 per year for three years. Project Closures requires an initial investment of $25,000 and is expected to generate $11,000 per year for four years. All projects can be replicated, and the initial cash outlay is net of any potential tax benefits for each. The project betas for Adscams, Boondoggles and Closures are 1.2, 0.9 and 1.5, respectively. The risk-free rate is 4.25 percent and the expected return on the market is 10.5 percent Required: a) b) c) Find the required rates of return for the three projects. Find the NPV of each of the three projects. Which project should the company undertake and why