Company A has a Weighted Average Cost of Capital $($WACC$)$ of $12$ percent. They are evaluating four different projects$/$investments with financial flows as described below. Available funds are limited$,$ so they can only pursue one of the investment alternatives. Each project$/$investment involves an initial outflow of $$1,000,000$ and has an eight$-$year life. Which project should they select?

NPV $($$$)$ IRR $(\%)$ Payback Period $($yrs$)$ Total Net Return $($$$)$

Project $164,000153\mathrm{.}0450,000$

Project $264,094145\mathrm{.}0750,000$

Project $3(33,183)116\mathrm{.}0800,000$

Project $4117,741163\mathrm{.}5700,000$

Project which should be selected:

Project $1$

Project $2$

Project $3$

Project $4$