Initial Investment Cash flow Project A million million per year for three years Project B million million per year for three years Project C million million per year for six years Project D million million per year for eight years An investor has a budget of million. He can invest in the projects shown above. If the cost of capital is %, what investment or investments should he make?

A.Project A

B.Project B

C.Project B and Project D

D.Project C and Project D