Consider the following investment opportunities. Assume that all projects end after year five and have the same salvage value.

	Project A	Project B	Project C
Initial investment	$50,000	$50,000	$50,000
Year	Operating net cash flows
1	$20,000	$50,000	$10,000
2	$20,000	$30,000	$20,000
3	$20,000	$15,000	$30,000
4	$20,000	$5,000	$25,000
5	$20,000	$0	$15,000
Average	$20,000	$20,000	$20,000

Based on your knowledge of capital budgeting, select all the following conclusions that can be made from the information provided:

	all projects are acceptable investments
	Project B is the most preferred project
	all projects are of equal value
	without knowing the discounting criteria used it is impossible to determine the suitability of each project
	none of the projects are acceptable investments