A company is considering four divisible investment projects involving production of alcoholic beverages while taxes on alcohol are expected to decrease or even be eliminated. Indicate which projects should be selected in order to maximize shareholders wealth, knowing that the cash flows of the projects are highly sensitive to the changes in taxation policies and that the company has only $300,000 available for investment. Investment required for each project ($000): Project A: 60; Project B: 200; Project C: 100; Project D 160. Probability= 0.1 for the Current level of the Excise duty to be mentained. At this level, net present values of the projects are are ($000): Project A: 40; Project B: 60; Project C: 60; Project D -20. Probability= 0.6 for the Current level of the Excise duty to be decreased. At this level, net present values of the projects are are ($000): Project A: 60; Project B: 160; Project C: 100; Project D 60. Probability= 0.3 for the Current level of the Excise duty to be eliminated. At this level, net present values of the projects are are ($000): Project A: 100; Project B: 260; Project C: 160; Project D 200.

Alegei o opiune:

a. Projects A, D and 40% of Project B

b. Projects A, C and 70% of Project B

c. Projects A, B and 25% of Project D

d. Projects A, C and 50% of Project B