Coco Industries has four potential projects with an initial cost of RM2, 000,000 each. The capital budget for the year will only allow Coco industries to accept one of the four projects. Given the discount rates and the future cash flows of each project, calculate the NPV and justified which project should they accept. (20 marks)

Year Project A (RM) Project C (RM) Project D (RM) 1 2 3 4 5 Discount rate 500,000 500,000 500,000 500,000 500,000 5% Project B (RM) 600,000 600,000 600,000 600,000 600,000 9% 1,000,000 800,000 600,000 400,000 200,000 15% 300,000 500,000 700,000 900,000 1,100,000 22%