A firm has a WACC of 10% until it has raised $100 million. Beyond that the WACC is 12%. The firm has the following projects and associated costs:
Project A has a cost of $50 million and an IRR of 14%; project B has a cost of $70 million and an IRR of 16%; and project C has a cost of $35 million and an IRR of 6%. What is the Optimal Capital Budget?