Panhandle Corp. is considering three projects. Each project has an initial outlay of $95,000.

Project A is expected to earn $175,000 in year five.

Project B is expected to earn $30,000 per year for five years.

Project C is expected to earn $40,000 in year one, $35,000 in year two, $30,000 in year three, $25,000 in year four, and $15,000 in year five.

The WACC is 8%.

Which project has the best payback?

		A
		B
		C
		the paybacks are the same