Using the following information about three mutually exclusive capital projects to make an investment decision.
| Project | Cash Flow Pattern | Net Present Value | Internal Rate of Return |
| 1 | Conventional | $900 | 15% |
| 2 | Conventional | $1200 | 10% |
| 3 | Non-conventional | $1023 | 6% and 25% |
|
Assumed each project has the same initial outlay and required return, the most appropriate investment is:
A. Project 1.
B. Project 2.
C. Project 3.
