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A firm faces the issue of which investments to undertake. Thereare three projects, A, B, and C, each with a horizon (duration) of8 years. For each of the three projects, financial management hasalready computed the decision-relevant measures of profitability asdepicted in the table below. These computations already incorporateissues such as taxes and inflation. There is no risk or uncertaintyinvolved and the projects’ returns are independent.ProjectInitial InvestmentPV of Future Cash FlowsNPVMIRRPBDPBA35,00038,0003,00013.16%3.53.8B65,00072,5007,50013.54%2.33.2C20,00022,0002,00013.34%5.57.12For each of the following scenarios, derive and explain whichproject should be implemented, and what the overall attainable NPVfor the firm is.(a) Projects are mutually exclusive, not scalable, and there areno capital constraints.(b) Projects are not mutually exclusive, not scalable, and thefirm can raise at most £80?000 in capital to finance initialinvestments.(c) Projects are not mutually exclusive, but are arbitrarilyscalable, and the firm can raise at most £100?000 in capital tofinance initial investments.