A company is choosing between several similar projects with the same risk level. If the company wants to maximize the value, it will create for shareholders which project should it choose?

1. A project in which the required return by investors is higher than the potential return on investment.
2. A project in which the opportunity cost is much greater than the potential returns.
3. A project that provides a lower return on investment than the firm's chosen Discount rate
4. A project that provides a return significantly higher than the hurdle rate