An investor has a budget of $20 million. He can invest in the projects shown below. If the cost of capital is 5%, what investment or investments should he make using the PI index? Project Initial Investment Cash Flow $10.5 million $6 million per year for three years $6 million $2.25 million per year for eight years $7.5 million $3 million per year for six years A B C Project B and Project C Project A Project A and Project C Project B