Each variable and solution must be clearly indicated on the excel worksheet, do not just solve the question, clearly define each variable and comment on the objective function and sensitivity analysis (explain each resulting sensitivity analysis page). Sensitivity analysis pages without your comments will not be graded.

3. A city will undertake five urban renewal housing projects over the next five years. Each project has a different starting year and a different duration. The following table provides the basic data of the situation: Projects 1 and 4 must be finished completely within their durations. The remaining two projects can be finished partially within budget limitations, if necessary. However, each project must be at least 25% completed within its duration. At the end of each year, the completed section of a project is immediately occupied by tenants and a proportional amount of income is realized. For example, if 40% of project 1 is completed in year 1 and 60% in year 3 , the associated income over the five-year planning horizon is .4 X$50,000( for year 2)+.4 X$50,000 (for year 3 ) + (.4 + .6) X$50,000 (for year 4) +(.4+.6)X$50,000 (for year 5 ) = (4X.4+2X.6)X$50,000. Determine the optimal schedule for the projects that will maximize the total income over the five-year horizon. For simplicity, disregard the time value of money