1. What is the best way, in theory, to select projects to be accepted, when a company is faced with a limited budget?
   1. The project with the highest internal rate of return should be selected then the one with the second highest rate of return and so on until all of the funds are exhausted.
   2. A feasible group of the largest number of projects that minimizes the total initial outlay should be selected.
   3. The project with the highest net present worth should be selected then the one with the second highest rate of return and so on until all of the funds are exhausted.
   4. A feasible group of projects with the highest total net present worth possible should be selected.