Lucky Corporation had five project proposals in front of it. Because of management bandwidth and financial constraints, it could choose only one project. Its cost of capital (discount rate) is 12%. The data for these projects came from various sources and was presented as follows:

Project A: IRR of 14% with a total up-front capital outflow of $9.5 million and NPV of $1.03 million

Project B: IRR of 11% with t=0 cash outflow of $3.5 million and nominal terminal value of $8.5 million

Project C: Cash Flows as follows

Year	Cash Flow ($ millions)
0	-4.5
1	0.8
2	0.9
3	1.1
4 incl. Terminal Value	5.0

Project D: IRR of 15%, up-front capital outflow of $1.5 million, and NPV of $0.19 million

Project E: IRR of 10%, no up-front capital outflow

Which project should Luck select?