3. A company faces the following investment alternatives: Project Capital Investment Cash Flows from Investment $7 million $1.2 million per year in perpetuity II $12 million $1.5 million per year in perpetuity III $16 million IV $10 million $2.2 million per year in perpetuity $1.4 million per year in perpetuity V $11 million $1.6 million per year in perpetuity If the company's budget is $30 million, use the profitability index to determine the best combination of investments, given a cost of capital of 5%. (4 marks)