Galaxy Satellite Co. isattempting to select the best group of independent projects competingfor the firm’s fixed capital budget of $10,000,000. Any unused portionof this budget will earn less than its 20 percent cost of capital. Asummary of key data about the proposed projects follows.ProjectPV of InflowsInitial Investment IRRA$3,050,000$3,000,00021%B$9,320,000$9,000,00025%C$1,060,000$1,000,00024%D$7,350,000$7,000,00023%Use the NPV approach to select the best group of projects. (Note that just the PV of inflows is given, you must subtract the initial investment to find the NPV.)Use the IRR approach to select the best group of projects. (Note that the discount rate or the cost of capital is 20%.)Which projects should the firm implement based on your analysis ofboth techniques and given the capital rationing amount? Write an emailto your boss, Andy Fast, the CFO, explaining your rationale proving thechoices based on the considerations of shareholder value and the maximuminvestment budget. Keep in mind that you are less concerned with usingthe whole budget than with maximizing the total return to Galaxysatellite.