DNA Corporation, a biotech engineering firm, has identified seven R&D projects for funding. Each project is expected to be in the R&D stage for 3 to 5 years, and the IRR figure represents the royalty income from selling the R&D results to pharmaceutical companies.

Project	Investment Type	Required IRR
1. Vaccines	$15 M	22%
2. Carbohydrate chemistry	25 M	40
3. Antisense	35 M	80
4. Chemical Synthesis	5 M	15
5. Antibodies	60 M	90
6. Peptide chemistry	23 M	30
7. Cell transplant/gene therapy	19 M	32

DNA Corporation can only raise $100 million. DNAs borrowing rate is 18%, and its lending rate is 12%. Which R&D projects should be included in the budget?