Goga is evaluating three projects to maximize its shareholder's value. The three projects A, B, and C are equally risky. The company's required cost of capital for evaluating Project A, B and C is 11%, 8% and 12%, respectively. The initial outlay and annual cash flows over the life of each project are shown in the table below. Project A Project B Project C Initial Outlay (CFO) (50,000.00) 35,000.00 60,000.00 Year (t) Cash Inflows (CFt) 1 8,000.00 6,000.00 18,000.00 2 8,000.00 12,000.00 18,000.00 3 8,000.00 15,000.00 18,000.00 4 8,000.00 22,000.00 18,000.00 5 8,000.00 18,000.00 6 8,000.00 Required: 6.1. Calculate the NPV for each project over its life. Rank the projects in descending order based on NPV. [7] 6.2. Use equivalent annuity (EAC) approach to evaluate and rank the projects in descending order based on the EAC. [7] 6.3. Use replacement chain method to evaluate and rank the projects in descending order. [5] 6.4. Compare and contrast your findings in parts (6.1), (6.2) and (6.3). Which project would you recommend that the company implement? Why? [6]