Acme Engineering is evaluating 10 projects for next years capital budget investments. Their corporate MARR is set at 12% and all projects have a 10-year life:

Project	Initial Cost (thousands)	Annual Benefit (thousands)
1	$50	$10.3
2	$150	$32.2
3	$100	$17.7
4	$300	$48.8
5	$50	$11.9
6	$200	$38.3
7	$50	$10.0
8	$200	$36.9
9	$50	$11.5
10	$100	$22.3

Calculate the IRR for every project

If money is not a problem which projects should be approved?

Rank order all the acceptable projects according to IRR

If only $450,000 is available for the budget which projects should be approved?