3 Finco is considering investing in five projects. Each requires a cash outflow at time 0 and yields an NPV as described in Table 82 (all dollars in millions). At time 0, $10 million is available for investment. Projects 1 and 2 are mutually exclusive (that is, Finco cannot undertake both).

Similarly, projects 3 and 4 are mutually exclusive. Also, project 2 cannot be undertaken unless project 5 is undertaken. Use implicit enumeration to determine which projects should be undertaken to maximize NPV.

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59632 Project Time 0 Cash Outflow ($) NPV ($) 1 4 TABLE 82 6 3. 5 2 4 5 2345 43