P12.3 (CVA) Freddie Company has $5 million to invest this year. Three projects are available and all are divisible; that is part of a project may be accepted and the cash flow returns will be pro rata. Details of the projects are as follows: 1 2 3 Project Cash outlay ($M) NPV ($M) 3.0 2.0 1.5 1.7 1.1 1.0 What is the ranking of the projects that should be accepted? Use CVA to help rank the projects