Initial Investment Cash flow Project A $35 million $1 milion per year for four years Project B 521 million $7 million per year for five years Project $14 million $7 million per year for four years Project D $21 million $10.5 million per year for three years An investor has a budget of $35 million. He can invest in the projects shown above. If the cost of capital is 8%, what investment or investments should he make? Project A Project B Project B and Project Project C and Project D