Walsh Company is considering three independent projects, each of which requires a $4 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented below:

Project H (High risk):	Cost of capital = 16%	IRR = 19%
Project M (Medium risk):	Cost of capital = 12%	IRR = 11%
Project L (Low risk):	Cost of capital = 8%	IRR = 10%

Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 60% debt and 40% common equity, and it expects to have net income of $10,382,500. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.