Based on the data provided below, rank the projects based on each capital budgeting tool below. Then make a final recommendation as to which project HW Enterprises should pursue. Explain why. (Assume the discount/finance rate for NPV were calculated using the WACC calculated in prior problem and that the reinvestment rate for MIRR was the US Treasury rate.)

Net Present Value (NPV) Modified Internal Rate of Return (MIRR) Options Profitability Index Payback Project A $1,000 million 10.34% 1.1 4.35 years Project B - $5 million 8.75% 0.95 3.67 years Project C $500 million 9.90% 1.05 2.15 years Project D $1,550 million 9.62% 1.2 5.88 years