7. Selecting Projects. The Texas Electronics Company (TEC) is contemplating a research and development program encompassing eight major projects. The company is constrained from embarking on all projects by the budget available for projects ($300,000). Following are the resource requirements and the estimated profit for each project: P1 P2 P3 P4 P5 P6 P7 P8 I 80 60 91 98 103 110 Expense ($000) 55 48 51 64 Profit ($000) 84 63 70 71 32 6 5 8 6 Engineers 69 5 8 6 8 a. What is the maximum profit, and which projects should be selected? b. Suppose that management decides that projects 2 and 3 are mutually exclusive. (In other words, TEC will not undertake both). What is the revised project portfolio and the revised maximum profit? c. Suppose that management also decides to undertake at least two of projects 5-8. As a result, what are the revised project portfolio and maximum profit? (Assume b. is also true) You only need to submit a write-up for part c. (You should submit an Excel solution for all three parts) Hint: In Excel, create different tabs for part a., b, and c.. Solve independently of each other