An investment manager is currently evaluating three projects:
1. Project 1 requires an initial investment of $10,000, will provide future cash flows of $26,000, and the PV of the future cash flows is $17,000.
2. Project 2 requires an initial investment of $20,000, will provide future cash flows of $60,000, and the PV of the future cash flows is $31,000.
3. Project 3 requires an initial investment of $30,000, will provide future cash flows of $100,000, and the PV of the future cash flows is $56,700.
Rank the projects from most to least desirable.