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3. The Miser's Choice You are making a choice on behalf of an investor who has $100 to spend. They ask you to choose one of the three potential investment projects: A, B, or C. Each project requires an upfront investment (CF0) and delivers a payoff in one year (CF1) with 100% certainty. The cash flows for each project are listed below: Project A Project B Project C CFo -100 -50 -40 CF 119 42 (a) (3 points) Given a risk-free rate of k-12%, calculate the NPV for all three projects. Which project should you choose? (b) (7 points) Now suppose that the investor does not care about receiving any money today. All they care about is how much income they receive tomorrow. Does your answer from part a) change? Explain why or why not by showing how the investor can achieve their preferred cash flow stream under each project choice, assuming that they can obtain a risk-free return of 12% by investing in financial markets