A company has completed the evaluation of four investment projects by using a 15% discount rate to calculate its Net Present Values (NPVs). The following partial information about the projects is provided: PROJECT A PROJECT B PROJECT C PROJECT D Initial cost 1,100,000 (x) 1,440,000 960,000 Net Present Value (x) 129,400 154,600 136,600 Annual net cash flows Year 1 500,000 400,000 550,000 480,000 Year 2 600,000 400,000 700,000 550,000 Year 3 506,000 400,000 772,000 350,000 Disposal values (Year 3) 44,000 100,000 120,000 50,000 The companys depreciation policy is to write off the initial cost of investment using the straight-line method. It is assumed that net cash flows occur at the end of the years to which they relate