VWX Enterprises has $1,000,000 available for new projects. They are considering eight projects. The company's cost of capital is 11%.

Project	Investment ($thousands)	NPV ($thousands)	IRR (%)
1	300	45	12.3
2	400	50	13.5
3	200	15	9.5
4	150	10	9.0
5	350	40	11.8
6	250	30	10.8
7	150	-5	8.0
8	200	20	10.5

Requirements:

1. Identify which projects to undertake to stay within the $1,000,000 budget.
2. Calculate the total NPV of the chosen projects.
3. Evaluate the opportunity cost of the budget constraint on the company’s market value.