You are considering three different projects, both of which will require a $50,000 investment with an 8% cost of capital. The projected income for each project over the next 5 years is outlined below. Year Project A Project B Project C 1 $5,000 $15,000 $15,000 2 $5,000 $25,000 $25,000 3 $15,000 $20,000 $10,000 4 $20,000 $5,000 $15,000 5 $20,000 $5,000 $2,000 a) In Microsoft Excel, Calculate the Net Present Value, Internal Rate of Return and Modified Internal Rate of Return for each of the projects.

Please show the exact formula used for each probelm in excel.