You have been asked to analyze four investment projects (A, B, C, and D) your firm is considering. The initial costs (investment) of these projects, as well as the Net Cash Flows (NCF) received at the end of each year, are as given in the table below. Your calculations for Net Present Value (NPV) at two different discount rates (9% and 12% respectively), and Internal Rate of Return (IRR) are presented in this table. Note: The firm cannot change the size or amount they invest in any of these projects.

Project	A	B	C	D
Initial Investment	(35,000)	(100,000)	(67,000)	(115,000)
NCF Year 1	15,000	0	33,000	30,000
NCF Year 2	15,000	120,000	40,000	40,000
NCF Year 3	10,000		20,000	50,000
NCF Year 4	10,000			55,000
NCF Year 5	20,000
NPV at 9%	$19,191.38	$1,001.60	$12,386.10	$23,762.70
NPV at 12%	$15,172.29	($4,336.73)	$8,587.65	$14,215.98
IRR	28.27%	9.54%	19.85%	17.17%

(a) Consider the case where these projects are mutually exclusive, the cost of capital is 9%, and there is no constraint on the amount the firm can invest. Which, if any, of these projects would you recommend your firm select and why?

(b) Consider the case where these projects are mutually exclusive, the cost of capital is 12%, and there is no constraint on the amount the firm can invest. Which, if any, of these projects would you recommend your firm select and why?

(c) Consider the case where these projects are NOT mutually exclusive, the firms cost of capital is 17%, and there is no constraint on the amount the firm can invest. Which, if any, of these projects would you recommend your firm select and why?

(d) Consider the case where these projects are NOT mutually exclusive, the cost of capital is 12%, and the amount the firm can invest is limited to $160,000. Which, if any, of these projects would you recommend your firm select and why?