A project has an initial cost of I, has a required return of R, and pays C annually for N years.

(a) Find C in terms of I and N such that the project has a payback period just equal to its life.

(b) Find C in terms of I, N, and R such that this is a profitable project according to the NPV decision rule.

(c) Find C in terms of I, N, and R such that the project has a benefit–cost ratio of 2.