A project has been proposed that will involve making an expenditure of $300,000 today to control phosphorous runoff in agricultural lands of the Fox-Wolf Watershed. Assume this effort would not pay...

Extracted text: A project has been proposed that will involve making an expenditure of $300,000 today to control phosphorous runoff in agricultural lands of the Fox-Wolf Watershed. Assume this effort would not pay off until 25 years from now, at which time it would reduce $1.5 million in environmental damages by eliminating a "dead spot" in the Bay of Green Bay. Choose the discount rate(s) below that would result in a favorable decision on this project. O 1% O 1% and 3% O 1%, 3%, and 5% O 1%, 3%, 5%, and 7% O 1%, 3%, 5%, 7%, and 9%