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: Year 0 Year 1 Year 2 Year 3 Downtown $(8000000) $9600000 $6500000 $2000000 Venice $(12000000) $10000000 $25000000 $20000000 Santa Monica $(20000000) $18000000 $32000000 $20000000 Suppose the discount rate is 10%, which projects should the developer take on using the NPV rule? Select one a. None of the projects since they all have NPV less than O b. Downtown and Venice c. Downtown only d. Santa Monica only e.Venice only