The management of Florida Phosphate Industries (FPI) is planning next year's capital budget. The company's earnings and dividends are growing at a constant rate of 8%. The expected dividend one year from now, D1, is $1: and the current stock price is $10. FPI can raise new debt at a 10% before-tax cost. FPI is at its optimal capital structure, which is 40% debt and 60% equity, and the firm's marginal tax rate is 30%. FPI has the following independent, indivisible, and equally risky investment opportunities. Which projects should the company pursue