1. Which projects do you pick to maximize shareholder wealth? There is a budget constraint of $3M.

Under Capital Rationing
Project	Cost	NPV	Include
A	237,005	84,334	0
B	766,496	26,881	0
C	304,049	23,162	0
D	565,178	82,598	1
E	108,990	20,590	1
F	89,135	90,404	1
G	795,664	18,163	0
H	814,493	97,682	1
I	480,321	52,063	1
J	826,610	53,911	0
K	734,830	56,323	0
L	910,598	88,349	1
M	978,621	69,352	0
Total	2,968,715	431,686	6
Constraint	3,000,000

2. In addition to the above budget constraint, assume that projects A and F are mutually exclusive, but one of them must be selected.

Use Solver function in excel and change Solver Constraints to account for this new information and find the new solution. Show screen shots of what solver constraints in Excel you choose to change.

3. Now, ignore the constraints Lets say that Project K is of great strategic importance to the survival of the firm. It must be accepted. Now, which projects should be accepted to maximize the overall shareholder wealth? Show screenshots from Excel's solver function to answer this question.