Consider the following projects, all with a required rate of return of $4\%.$

$\backslash$table$[[$Project$,\backslash$table$[[$Initial$],[$Outlay$]],$NPV$,$PI$],[$One$,$$$100,$$$20,1\mathrm{.}20],[$Two$,$$$300,$$$30,1\mathrm{.}10],[$Three$,$$$400,$$$40,1\mathrm{.}10],[$Four$,$$$500,$$$45,1\mathrm{.}09],[$Five$,$$$200,$$$15,1\mathrm{.}08]]$

Which project, if any, should be selected if the capital budget is $500?$ Management further says that there is no compulsion to invest entire $500.$ Select the best alternative.

a$.$ Project One and Two

b$.$ Project Two and Three

c$.$ Project Four

d$.$ Project Two and Five