Your boss the chief financial officer $($CFO$)$ asked you to analyse $3$ different projects under consideration by the company's board. All projects require an initial investment and then provide a perpetuity of cash flows with zero growth. All are equally risky with the same $10\%$ pa required return. All figures are rounded to $4$ decimal places. The projects can all be accepted and funded, they're not mutually exclusive.

The projects' initial costs and perpetual annual cash flows were provided by the engineering and marketing departments and are believed to be accurate. You calculated the NPV$\text{'}$s and IRR's in bold, and made some conclusions about which projects to accept or reject $($stated in answer option d$).$ The CFO thanked you for your swift work, but said there's just one thing wrong with your calculations or conclusions, and asked you to fix it up before the table and conclusions are shown at the board meeting tomorrow.

Projects with $10\%$ pa required return

Initial cash

flow at t$=0$ Perpetual annual

cash flow from t$=1$ NPV IRR

$($$m$)($$m$)($$m$)(\%$ pa$)$

Project A $-1209($a$)-307\mathrm{.}5$

Project B $-600140800($b$)23\mathrm{.}3333$

Project C $-8,000900($c$)-1,00011\mathrm{.}25$

Which one of the following calculations or conclusions is NOT correct?$\backslash$table$[[$Projects with $10\%$ pa required return$],[,\backslash$table$[[$Initial$],[$cash$],[$flow at$],[t=0$

Question $1$Select one:

a$.$

$-$$$30$ million is project A$\text{'}$s NPV$.$

b$.$

$23\mathrm{.}3333\%$ pa is project B$\text{'}$s IRR.

c$.$

$-$$$1,000$ million is project C$\text{'}$s NPV$.$

d$.$

Accept projects B and C but reject project A$.$