Initial Investment Cash flow

Project A

$10

million

$4

million per year for four years

Project B

$6

million

$2

million per year for five years

Project C

$4

million

$2

million per year for four years

Project D

$6

million

$3.0

million per year for three years

An investor has a budget of

$10

million. He can invest in the projects shown above. If the cost of capital is

9%,

what investment or investments should he make?