Your boss the chief financial officer (CFO) asked you to complete the analysis of 3 different projects under consideration by the company's board. All projects require an initial investment and then provide a perpetuity of cash flows with zero growth. All are equally risky with the same **10**% pa required return. All figures are rounded to 4 decimal places. The projects can all be accepted and funded, they're not mutually exclusive.

The projects' initial costs and perpetual annual cash flows were provided by the engineering and marketing departments, and the CFO completed some of the NPV's and IRR's but ran out of time and gave it to you to finish. This data is believed to be accurate. You calculated the remaining NPV's and IRR's in **bold**, and made some conclusions about which projects to accept or reject (stated in answer option d). The CFO thanked you for your swift work, but said there's just **one thing wrong** with your calculations or conclusions, and asked you to fix it up before the table and conclusions are shown at the board meeting tomorrow.

Projects with 10% pa required return |
||||

Initial cash flow at t=0 |
Perpetual annual cash flow from t=1 |
NPV | IRR | |

($m) | ($m) | ($m) | (% pa) | |

Project A | -160 | 19 | 30 | (a) 11.875 |

Project B | -2,200 | 190 | (b) -300 |
8.6364 |

Project C | -20,000 | 1,600 | (c) -4,000 |
8 |

Which one of the following calculations or conclusions is

**NOT**correct?