3. Investment decision making. You have been asked to analyze four investment projects (A, B, C, and D) your firm is considering. The initial costs investment) of these projects, as well as the Net Cash Flows (NCF) received at the end of each year, are as given in the table below. Your calculations for Net Present Value (NPV) at two different discount rates (8% and 12% respectively), and Internal Rate of Return (IRR) are presented in this table. Note: The firm cannot change the size or amount they invest in any of these projects. Project A B C D Initial investment -$30,000 $90,000 $65,000 $125,000 NCF year 1 $10,000 $33,000 $30,000 NCF year 2 $10,000 $30,000 $40,000 NCF year 3 $10,000 $10,000 $50,000 NCF year 4 $10,000 $50,000 NCF year 5 $10,000 $105,000 NPV at 8% NPV at 12% IRR $9,927.10 $7,222.22 $785.96 $13,514.44 $6,047.76 $3,750.00 - $4,502.10 $1,038.39 19.86% 16.67% 7.21% 12.36% (a) Consider the case where these projects are mutually exclusive, the cost of capital is 8%, and there is no constraint on the amount the firm can invest. Which, if any, of these projects would you recommend your firm select and why? (b) Consider the case where these projects are mutually exclusive, the cost of capital is 12%, and there is no constraint on the amount the firm can invest. Which, if any, of these projects would you recommend your firm select and why? (c) Consider the case where these projects are NOT mutually exclusive, the firm's cost of capital is 15%, and there is no constraint on the amount the firm can invest. Which, if any, of these projects would you recommend your firm select and why? (d) Consider the case where these projects are NOT mutually exclusive, the cost of capital is 12%, and the amount the firm can invest is limited to $240,000. Which, if any, of these projects would you recommend your firm select and why