Consider these projected financial measures for a company $($Company B$)$ evaluating four different possible investment projects:

Total net return $($$$)$ Payback period $($years$)$ NPV $($$$)$ IRR $(\%)$

Project $1500,0003\mathrm{.}062,58111\mathrm{.}5$

Project $2800,0005\mathrm{.}6(10,685)10\mathrm{.}2$

Project $3750,0003\mathrm{.}851,08912\mathrm{.}5$

Project $4450,0004\mathrm{.}878,62412\mathrm{.}8$

Company B has a weighted average cost of capital $($WACC$)$ of $11\%.$ The projects are mutually exclusive, so they can only pursue one of the four investment alternatives. Each investment involves an initial cash outflow of $$1,000,000$ and has a $12$ year life.

Which project should Company B pursue?

Project $1$

Project $2$

Project $3$

Project $4$