Consider the following cash flows on three mutually exclusive projects:

Year	Project A	Project B	Project C
0	-$50,000	-$65.000	-$55,000
1	30,000	29,000	28,000
2	25,000	38,000	27,000
3	20,000	41,000	33,000

The cash flows of Project A are expressed in real terms, whereas those of Project B and Project C are expressed in nominal terms. The appropriate nominal discount rate is 15 percent and the expected inflation rate is 4 percent. Of the three mutually exclusive projects, you should choose Project ____ .