Which project would you select given the table below for rate of return on (incremental) investments and that the discount rate is 20%? Assume that a do-nothing alternative with NPV=0 exists. Let Ai represent the cash flow associated with opportunity i. Assume all (incremental) cash flows correspond to simple investments (one sign change). In particular, the structure of the in- cremental cash flows, Ai Aj , is such that the first transaction is negative, and that all subsequent transactions are positive.

A2 Investment Rate of Return (%) A1 25.0% 25.2% A2 A1 9.0% A3 27.0% A3 A1 16.7% A3 A2 42.8% A4 25.0% A4 - A3 0.0% A5 24.0% A5 - A4 20.2% A6 25.1% A6 A1 18.2% A6 A3 20.2% A6 A5 36.3%