A Manager Is Reviewing Three Competing Projects of Which Only

A manager is reviewing three competing projects of which only one can be funded. Some key statistics emerging from a Capital Investment Appraisal are shown in the table below. Which project should the manager recommend be funded?
$\begin{array}{|l|c|c|c|}\hline & \text { Project A } & \text { Project B } & \text { Project C } \\\hline \text { Investment } & \$ 250,000 & \$ 230,000 & \$ 310,000 \\\hline \text { Payback } & 39 \text { months } & 33 \text { months } & 51 \text { months } \\\hline \text { NPV@13\% } & +\$ 70,000 & +\$ 62,000 & +\$ 58,000 \\\hline \text { IRR } & 22 \% & 19 \% & 15 \% \\\hline \text { Discounted Payback } & 48 \text { months } & 40 \text { months } & 62 \text { months } \\\hline\end{array}$