ADHAM Company is considering new 4 investment proposals. You are given the following data:

	Project 1	Project 2	Project 3	Project 4
Initial investment	$400,000	$250,000	$150,000	$270,000
PV of cash inflows	$570,000	$295,000	$210,000	$282,000
Payback period (years)	3.6	3.0	4.75	3.5
NPV of project	$170,000	$45,000	$60,000	$12,000
Profitability index	1.43	1.18	1.40	1.04

If the company makes a decision based on the net present value (NPV), which project will be

Select one:

a. Project 1

b. Project 4

c. Project 2

d. Project 3