Your company Portfolio Manager is convening a review board in the first calendar quarter to consider three mutually exclusive projects. You have been asked to provide recommendations with respect to the capital budgeting aspects of these projects. Your recommendations will be considered by the review board along with other non-financial aspects of the projects. Initial (year 0) funding will be provided in the current year for the single project selected. Note: The review board may select a project for strategic reasons even if the financial aspects are not ideal.

Project sponsors have provided the following estimated cash flow projections: