The headquarters of the company has assigned $20 million for capital expenditures during 2020 by your division. However, the division has good opportunities to invest elsewhere beyond $20 million. The cost of capital is 12%. The following are the list of the projects that your division is considering. They are not mutually exclusive, and can be taken simultaneously given budget.

Assume the $20 million budget cannot be increased, and each project cannot be undertaken partially. Which projects should be chosen