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In the table below

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In the table below. the NPV, IRR. and Payback periods are already computed and given. You need to decide which project(s) to choose. The manager's goal is to maximize the firm value by an optimal allocation within the capital budget of $6 million. The required rate of return is 8%, for all projects.. If the projects are not mutually exclusive, which project(s) is (are) most likely to be accepted? 
Project Initial Investment NPV Payback IRR W $1m $0.31m 5 years Undefined X $2m $0.36m 7 years 9% Y $3m $0.55m 6 years Undefined Z $3m $0.24m 6 years 9.8% . 
0 0 OO 0 
X, Y, and Z X and Y W. X, and Y