Project X has an NPV of $1 million and an IRR of 22%. Project Y has an NPV of $1.1 million and an IRR of 20%. Project Z has an NPV of $1.2 million and an IRR of 21%. Assume each project has an 18% cost of capital. If the projects are mutually exclusive, which project(s) should be selected?

Select one:

a. X

b. Y

c. Z

d. X and Y

e. X, Y and Z