Cavu Air Inc., a drone manufacturer, is reviewing its annual budget. It is considering investments in three different technologies. Consider the following cash flows of the three independent projects. Assume a discount rate of 9% percent. The company has $20 million to invest in projects this year.

Required return is 9%

Annual cash flows

Projects	A	B	C
Year 0	$ (7,500,000)	$ (10,500,000)	$ (20,000,000)
Year 1	$14,000,000	$10,000,000	$18,000,000
Year 2	$6,000,000	$25,000,000	$32,000,000
Year 3	$3,500,000	$22,500,000	$15,000,000

Based on the NPV, rank these investments.