initial investment	cash flow
Project A	14 million	8 million per year for three years
Project B	12 million	6 million per year for three years
Project C	10 million	4 million per year for six years
Project D	8 million	3 million per year for eight years

An investor has a budget of 20 million. He can invest in the projects shown above. If the cost of capital is 7%, what investment or investments should he make?

a. Project A

b. Project B

c. Project B and D

d. Project C and D