Project Capital Investment Cash flows from investment

I $7 million $1.2 million per year in perpetuity

II $12 million $1.5 million per year in perpetuity

III $16 million $2.2 million per year in perpetuity

IV $10 million $1.4 million per year in perpetuity

A company has four projects it wishes to undertake. Given a discount rate of 5%, rank these investments in order of priority (1= highest priority, 4= lowest priority). Show your work and how you arrived at your ranking.