A company memo states that all new projects must have a projected Return on Investment (ROI) of at least 15% AND a maximum budget of $500,000. A separate table lists four proposed projects (Project X, Y, Z, W) with their respective projected ROIs and budgets. Which project(s) should be approved based on the memo's criteria?
✓ Correct Answer: Option C
Project Z is the only one that meets both criteria: its ROI (16%) is at least 15%, and its budget ($480,000) is within the $500,000 limit.