Consider the following four mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)	Cash Flow (C)	Cash Flow (D)
0	(245,000)	(53,000)	(63,000)	(83,000)
1	34,000	31,900	32,900	42,800
2	49,000	21,800	31,800	31,000
3	51,000	17,300	25,000	18,600
4	32,500	16,200	29,800	23,000

Using NPV method, which project is recommended? The required return is 15.60%

D

C

B

A

Hint it is not A