Three projects each require an initial investment of $150,000. Each has no residual value at the end of three years. The following table presents the forecast annual profits for each project.

Year Project 1 Project 2 Project 3 1 $60,000 $10,000 $150,000 2 $60,000 $20,000 $15,000 3 $60,000 $170,000 $10,000

Rank these projects (best to worst) based on their NPVs if the cost of capital is 20%.