Problem #15 (Profitability Index versus NPV): Hanmi Group, a consumer electronics conglomerate, is reviewing its annual budget in wireless technology. It is considering investments in three different technologies to develop wireless communications devices. Consider the following cash flows of the three independent projects available to the company. Assume the discount rate for all projects is 10 percent. Further, the company has only $40 million to invest in new projects this year. Cash flows for different technologies ($ millions) Year CMDA G4 Wi-fi 0 -16 -24 -40 1 22 20 36 2 15 50 64 35 40 40 Part a: based on the profitability index decision rule, rank these investments. Part b: based on NPV, rank these investments. Part c: based on your findings of part a and part b, what would you recommend to the CEO of the company and why