A Los Angeles real estate developer is considering three independent projects, but they have only $20 million to invest. The cash flows from the projects are as follows: Annual cash flows: Downtown Venice Santa Monica Year 0 $(8000000) $(12000000) $(20000000) Year 1 $6200000 $10000000 $18000000 Year 2 $6500000 $25000000 $32000000 Year 3 $2000000 $20000000 $20000000 Suppose the discount rate is 10%. Which projects should the developer take on using the NPV rule? Select one: O a. Downtown only O b. None of the projects since they all have NPV less than 0 O c. Santa Monica only O d. Downtown and Venice e. Venice only