You are in charge of a division subject to capital rationing; the division has 4 indivisible projects available, detailed as follows:

Project	Initial Outlay	IRR	NPV
1	$ 300,000	22%	$ 260,000
2	$ 200,000	24%	$ 180,000
3	$ 500,000	18%	$ 350,000
4	$ 300,000	10%	$ 90,000

If you must select projects subject to a budget constraint of one million dollars, which set of projects should be accepted so as to maximize the firm value?