Assume you work for a firm that is evaluating projects for investment. The firm has a maximum spend of $$30$ million and its cost of capital is $5\%.$ The capital outlay and cash flows from each project is shown in the table below.

$\backslash$table$[[$Project$,$Initial Investment Capital,Cash Flows$],[$ABC$,$$$21$ million,$$12$ million per year for $3$ years.$],[$DEF$,$$$18$ million,$$9$ million per year for $3$ years.$],[$MNO$,$$$15$ million,$$6$ million per year for $6$ years.$],[$XYZ$,$$$12$ million,$$4\mathrm{.}5$ million per year for $8$ years.$]]$

Required: Which project$($s$)$ should be selected for ivestment?

$[12\mathrm{.}5$ marks$]$