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.

Set MARR= 7%, and refinance rate = 9%.

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 Nordstrom's criterion.

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?

Null Life 10 Years Initial Investment 0$ Salvage Value 0$ Annual Revenues 0$ Annual Expenses 0$ A B C 10 Years 10 Years 10 Years 670000 870000 480000 25210 130000 95000 470000 660000 280000 150000 290000 12051 D 10 Years 560000 120000 350000 120000 Null Life 10 Years Initial Investment 0$ Salvage Value 0$ Annual Revenues 0$ Annual Expenses 0$ A B C 10 Years 10 Years 10 Years 670000 870000 480000 25210 130000 95000 470000 660000 280000 150000 290000 12051 D 10 Years 560000 120000 350000 120000