DEF Industries is analyzing three potential projects. Project A requires an initial investment of $360,000 and offers cash inflows of $90,000 in year one, $110,000 in year two, $120,000 in year three, and $100,000 in year four. Project B requires an initial investment of $400,000 with cash inflows of $100,000 in year one, $120,000 in year two, $130,000 in year three, and $110,000 in year four. Project C requires an initial investment of $440,000 with cash inflows of $110,000 in year one, $130,000 in year two, $140,000 in year three, and $120,000 in year four.

Requirements:

1. Calculate the NPV for each project using a 9% discount rate.
2. Determine the PI for each project.
3. Compute the IRR for each project.
4. Prepare a cash flow statement for the chosen project over the four years.