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Not all of the programs will add value to KHD Industries. Only the programs with projected ROIs that are higher than the firm's cost of capital will add value.
Programs B, C and D have projected ROIs that are higher than the firm's 15% cost of capital. Therefore, assuming no restrictions on expenditures, all three of those programs would add value to KHD Industries. Note that the problem asks for which programs would add value to the company, not which programs would maximize the manager's bonus. If, as the manager projects, the company does earn an ROI equal to 24% on operations other than these new programs next year, then the addition of B and C would cause the division's ROI to be lower than 24%, because their individual projected ROIs are below 24%. That would, in turn, cause the manager's bonus to be lower than it would be with a 24% ROI. However, since the projected ROIs for B and C are higher than the company's cost of capital, those programs should be undertaken since they will add value to the company.
D is the only program with a projected ROI that is higher than the manager's projection of the division's ROI excluding the new programs. Thus, it is the only program that would increase overall ROI for the division above 24% and thus increase the manager's bonus. Due to the way the manager's bonus is determined, the manager may be tempted to undertake program D only. However, the question does not ask which program(s) would increase the manager's bonus. It asks which programs would add value to the company as a whole. There are other programs that would add value to the company as a whole although they would not increase the manager's bonus.
These are not the only programs that would add value to KHD Industries. All programs with projected ROIs that are higher than the firm's cost of capital will add value.