Consider six mutually exclusive and indivisible investment alternatives being evaluated by Pioneer Cookware in their stainless-steel kitchenware group. At the end of 5 years, each investment will end and the initial investment will be fully returned to the investor. Based on the annual returns shown below and a MARR of 10 percent, determine the preferred alternative.

a. Which alternative should Pioneer Cookware select? Use the IRR method to determine the preferred alternative.

b. Use Excel \(\mathbb{R}\) and SOLVER to select the preferred investment based on PW. State both the PW and IRR.

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Alternative 1 2 3 4 5 6 Initial Investment $20,000 $40,000 $30,000 $50,000 $75,000 $60,000 Annual Return $2,100 $4,400 $3,050 $5,700 S8,200 $6,650