Choosing from Alternative Investment Possibilities: Oakla Realty Partners has $1.4 million available for investment in real estate ventures. The partnership's cost of capital is 18 percent. As a partnership, Oakla pays no income taxes. The company has the following ventures available to it, all of which have seven-year lives:

1. Tulsa Shopping Center which will cost $500,000. This project will return $50,000 per year for each of the first three years and $250,000 per year in each of the remaining four years.

2. Wichita Falls Mixed-Use Development which will cost $900,000. This project will return nothing in each of the first four years and $1 million in each of the last three years.

3. Baton Rouge Apartment Complex which will cost $800,000 and return $230,000 per year for each of the seven years.

4. Shreveport Technical Centre which will cost $600,000. This project will return $250,000 per year for each of the first three years and $50,000 per year for each of the remaining four years.

Required: How can the company optimally invest its $1 .4 million assuming no other constraints on investment? Show supporting data.