Using the information below, analyst Matt Stevens uses the profitability index to rank the projects from most profitable to least. He determines the correct order is:

A B C

PV of cash flows 18.00 31.50 92.00

Cost 13.90 27.60 86.00

Discount Rate 10.80% 10.45% 9.90%

A.

C, B, A

B.

A, B, C

C.

C, A, B