3(b) The following table summarizes information for four projects: Project First cost IRR on total IRR on increments of investment compared with (overall) investment project 2 10% $100,000 18.5% 175,000 15% 200,000 18% 17% 23% 250,000 16% 12% 17% 13% The data can be interpreted in the following way: The IRR on the incremental investment between project 4 and project 3 is 13%. (i) (ii) If projects are independent, which projects should be undertaken if the MARR is 16% If the projects are mutually exclusive, which project should be undertaken if the MARR is 15%? Describe your logic for the answer. If the projects are mutually exclusive, which projects should be undertaken if the MARR is 17%? Indicate what logic you have used. (iii) 3(b) The following table summarizes information for four projects: Project First cost IRR on total IRR on increments of investment compared with (overall) investment project 2 10% $100,000 18.5% 175,000 15% 200,000 18% 17% 23% 250,000 16% 12% 17% 13% The data can be interpreted in the following way: The IRR on the incremental investment between project 4 and project 3 is 13%. (i) (ii) If projects are independent, which projects should be undertaken if the MARR is 16% If the projects are mutually exclusive, which project should be undertaken if the MARR is 15%? Describe your logic for the answer. If the projects are mutually exclusive, which projects should be undertaken if the MARR is 17%? Indicate what logic you have used. (iii)