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A business is considering three investment projects: A, B, and C. Each project has an initial cost of 10 million. The expected rates of return

A business is considering three investment projects: A, B, and C. Each project has an initial cost of 10 million. The expected rates of return are A of 16%, B of 8%, and C of 12%. The cost of capital is: 6% if it borrows 10 million, 10% if it borrows 20 million, and 15% if it borrows 30 million. From a financial perspective, which project(s) should the business invest in?

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