Five projects form the mutually exclusive, collectively exhaustive set under consideration. The cash flow profiles for the five projects are given in the table below.

Life	10 years	10 years	10 years	10 years	10 years
Initial Investment	0	600000	800000	470000	540000
Salvage Value	0	30754	130000	65000	200000
Annual Revenues	0	400000	600000	260000	320000
Annual Expenses	0	130000	270000	35445	120000

Set MARR=11%,and refinance rate =14%.

a)Based on an internal rate of return analysis, which alternative (if any) should be implemented?

b)Plot cumulative cash flow series and interpret the Norstrom'scriterion.

c)Based on an external rate of return analysis, which alternative (if any) should be implemented?

d)Based on a modified internal rate of return analysis, which alternative (if any) should be implemented?