Lepton Industries has three potential projects, all with an initial cost of

$1,900,000.

The capital budget for the year will allow Lepton to accept only one of the three projects. Given the discount rate and the future cash flow of each project in the following table determine which project Lepton should accept.

Cash Flow Project Q Project R Project S Year 1 500,000 600,000 1,000,000 Year 2 500,000 600,000 800,000 Year 3 500,000 600,000 600,000 Year 4 500,000 600,000 400,000 Year 5 500,000 600,000 200,000 Discount rate 10% 12% 17%