You are in charge of a division subject to capital rationing: the division has 4 indivisible projects available, detailed as follows: Project Initial Outlay. IRR NPV 1 $ 300,000 22% $ 260,000 2 $ 200,000 24% $ 180,000 3 $ 500,000 18% $ 350,000 4 $ 300,000 10% $ 90,000 If you must select projects subject to a budget constraint of one million dollars, which set of projects should be accepted so as to maximize the firm value? Projects 1, 2 and 3 Projects 2.3 and 4 Project 3 only Projects 1.2 and 4 Previous Next 8 MacBook Pro