Company ABC Inc. is evaluating three mutually exclusive investment projects, A, B and C. Their initial cost is 50,000 per each. Project A has expected NPV of 12,354 and a respective standard deviation of 3,987. Project B has expected NPV of 16,598 and a respective standard deviation of 4,569. Project C has expected NPV of 22,396 and a respective standard deviation of 8,120. The company should choose:

a.

Project C, because its NPV is the highest.

b.

None, because their NPVs are lower than their initial cost.

c.

Project B, because its coefficient of variation is the lowest.

d.

All three, because their NPVs are positive.

e.

Project A, because its standard deviation is the lowest.