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0 Project A Project B Project C Project D Initial Investment $35 million $30 million $25 million $20 million Cash flow $20 million per year

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0 Project A Project B Project C Project D Initial Investment $35 million $30 million $25 million $20 million Cash flow $20 million per year for three years $15 million per year for three years $10 million per year for six years $7.5 million per year for eight years An investor has a budget of $50 million. He can invest in the projects shown above. If the cost of capital is 9%, what investment or investments should he make? O A. Project A OB. Project B O C. Project B and Project D OD. Project C and Project D

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