Rank the following four independent investment projects using IRR. Ranking choices are shown from highest IRR to lowest IRR:

$\backslash$table$[[$Project$,C{F}_0,$Annual CF$,$Project Life$],[$I$,$$$4$ million,$$1\mathrm{.}1$ million,$5$ years$],[$II$,$$$8$ million,$$2\mathrm{.}8$ million,$4$ years$],[$III$,$$$7$ million,$$2\mathrm{.}1$ million,$5$ years$],[$IV$,$$$6$ million,$$2\mathrm{.}0$ million,$4$ years$]]$

II$,$ III, IV$,$ I

III, II$,$ IV$,$ I

IV$,$ III, II$,$ I

I, II$,$ III, IV