i need all the calculations step by step

Assignment: Capital Budgeting (50 points) 1. The cash flows associated with three different projects are as follows: (15 points) Alpha Gamma (In millions) (in millions) -1.5 -7.5 0.3 2 3 Cash Flows Initial Outflow Year 1 Year 2 Year 3 Year 4 Year 5 0.5 0.5 0.4 0.3 Betal (in millions) -0.4 0.1 0.2 0.2 0.1 -0.2 1.5 5.5 a. Calculate the payback period of each investment. b. Which investments does the firm accept if the cutoff payback period is three years? Four years? c. If the firm invests by choosing projects with the shortest payback period, which project would it invest in? d. One of these almost certainly should be rejected but might be accepted if the firm uses payback analysis. Which one? e. One of these projects almost certainly should be accepted (unless the firm's opportunity cost of capital is very high) but might be rejected if the firm uses payback analysis. Which one? MIG THE HIVE bis by choosing projects with the shortest payback period, which project would it invest in? d. One of these almost certainly should be rejected but might be accepted if the firm uses payback analysis. Which one? e. One of these projects almost certainly should be accepted (unless the firm's opportunity cost of capital is very high) but might be rejected if the firm uses payback analysis. Which one? Year CF ECF Year CF ECF Year CF ECF 0 0 0 1 Project Alpha Project Beta 2 Project Gamma 2 3 3 3 4 4 4 5 5 5