3. Nicholson Roofing Materials Inc., is considering two mutually exclusive projects, each with an initial investment of $150,000. The company's board of directors has set a maximum 4-year payback requirement and has set its cost of capital at 9%. The cash inflows associated with the two projects are shown in the following table. Cash inflows (CF) Year Project A Project B 1 $45,000 $75,000 60,000 N 45,000 3 45,000 30,000 4 4 45,000 30,000 5 45,000 30,000 6 45,000 30,000 (a) Calculate the payback period for each project. (b) Calculate the NPV of each project at 0%. (9) Calculate the NPV of each project at 9%