4. A company can fund one of three different projects. An internal analyst has estimated the opportunity cost of each project to be 11.91%. Each project will take 4 years to complete and requires $500,000 initial investment. Below are the projected cash flows at the end of each year. The company wants to choose the project with the greatest value as of today. What is the amount for the project with the greatest value as of today?

EOY 1 Cash Flow EOY 2 Cash Flow EOY 3 Cash Flow EOY 4 Cash Flow

Project A $3M $3M $3M $3M

Project B $2M $3M $4M $3M

Project C $7M $1M $1M $1M

$9,128,525.55

$8,628,525.55

$8,404,088.59

$8,948,401.72