MYNY uses a risk-adjustment when evaluating projects of different risk. Its overall (composite) WACC is 10%, which reflects the cost of capital for its average asset. Its assets vary widely in risk, and MYNY evaluates low-risk projects with a risk-adjusted project cost of capital of 8%, average-risk projects at 10%, and high-risk projects at 12%. The company is considering the following projects:

Project	Risk	Expected Return
L	High	15%
M	Average	12%
N	High	11%
O	Low	9%
P	Low	6%

Which set of projects would maximize shareholder wealth?

Group of answer choices

L, M and O only

L and M only

N, O and P only

All