A company has five independent projects under consideration each with a required rate of return of 16%. The total projects budget is $12,000 (all amounts in $000). A table showing the investments and projected free cash flows follows:

Project/Year	A	B	C	D	E
0 (investment)	$4,200	$6,500	$3,500	$10,500	$1,500
1	$1,500	$2000	$500	$3,200	$650
2	$3,000	$3000	$1000	$5,200	$650
3	$2,500	$4000	$1,800	$6,800	$650
4	$2,000	$2,500	$3,500	$5,000	$650
5	($1,500)	$2,000	$3,000	$3,500	($300)

No additional cash flows are expected from any of the five projects after year 5. NOTE that your total investment cannot exceed $12,000 and management policy is to select investments based on highest NPV. Management does not have to spend the entire budget, but does want to maximize the NPV of their investment budget.

Determine which project or combination of projects yield the highest NPV.

What is the combined NPV of the project or projects you decided to invest in?