Whoops Ltd is considering investing in one of two mutually exclusive projects Q and R which are described below. Whoops' weighted average cost of capital (WACC) is 8%, the market return is 9% and the risk-free rate is 3%. Whoops estimates that the beta for project Q is 1.8 and the beta for project R is 0.6.

Year	Q	R
0	-$45000	-$30000
1	20000	18000
2	20000	15000
3	20000	12000
4	20000	10000

What is the better investment?

A) Q, because it has a higher NPV using the WACC

B) R, because it has a higher NPV using the WACC

C) Q, because it has a higher risk-adjusted NPV

D) R, because it has a higher risk-adjusted NPV

E) Both should be accepted because they both have a positive NPV