DEF Ltd. has $700,000 for capital expenditures and is evaluating 5 projects with the following details:

• Project X: Investment of $200,000, NPV of $35,000, IRR of 12%
• Project Y: Investment of $250,000, NPV of $40,000, IRR of 13%
• Project Z: Investment of $150,000, NPV of $25,000, IRR of 11.5%
• Project W: Investment of $300,000, NPV of $45,000, IRR of 14%
• Project V: Investment of $100,000, NPV of $15,000, IRR of 10% Identify the projects to be selected within the budget and calculate the cumulative NPV. The opportunity cost of capital is 11%.