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Initial Investment Cash flow Project A $20 million $8 million per year for four years Project B $12 million $4 million per year for five

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Initial Investment Cash flow Project A $20 million $8 million per year for four years Project B $12 million $4 million per year for five years Project C $8 million $4 million per year for four years Project D $12 million $6.0 million per year for three years An investor has a budget of $20 million. He can invest in the projects shown above. If the cost of capitat is 6%, what investment or investments should be maku? A Project A B. Project B OC. Project B and Project C D. Project C and Project D

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