Bond Ltd is considering two possible projects but can only raise enough funds to proceed with one of them. Investment appraisal techniques have been used and the following results found: Payback Period Internal Rate of Return Net Present Value Project W 3.8 years 16% $880,000 Which of the following is the most logical interpretation of the results? O Project X should be rejected as it gives the shortest payback period. O Project W should be selected as it gives the longest payback period. O Project W should be selected because it will yield the highest NPV. O Project X should be selected because it will yield the lowest NPV Project X 2.8 years 14% $610,000