3. A company faces the following investment alternatives: Project I II III Capital Investment Cash Flows from Investment $7 million $12 million $16 million IV $10 million V $11 million $1.2 million per year in perpetuity $1.5 million per year in perpetuity $2.2 million per year in perpetuity $1.4 million per year in perpetuity $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)