You have an investment budget of $175,000 available to acquire one of threemutually exclusive projects. The cost and projected cash flows for the three projects are shown in the table below:

Cash Flow	Project A	Project B	Project C
Investment Cost	($100,000)	($175,000)	($150,000)
Year One Cash Flow	$50,000	$120,000	$45,000
Year Two Cash Flow	$40,000	$60,000	$45,000
Year Three Cash Flow	$30,000	$10,000	$40,000
Year Four Cash Flow	$10,000	$10,000	$48,000
Year Five Cash Flow	$5,000	$10,000	$48,000

Calculate the Payback Period for each project. (3 points)

Assuming the projects are comparable in risk and therefore have the same discount rate of 13%, calculate the Net Present Value for each project. (6 points)

Which project, if any, should you accept? Why? (3 points)