As a hydrologist, you have identified the following five different treatments for reducing sedimentation within the watershed.

Project : Initial Investment NPV IRR

A $ 100,000 $50,000 .13

B $1,000,000 $245,000 .09

C $800,000 $100,000 .14

D $2,000,000 $750,000 .11

E $ 600,000 $-75,000 .02

The discount rate used by the watershed district on its projects is 3.5%.

What if the district manager tells you that you have unlimited project funding and the five options are not mutually exclusive, not divisible, and not repeating? Which project(s) would you select?