Following are three independent projects Peanut/Pecan Processing (PPP) is evaluating:

Project	IRR	Risk
P	10.5	%	Low
Q	13.5		Average
R	15.0		High

PPP generally considers risk when examining projects by adjusting its average required rate of return, r, which equals 12 percent. A 4 percent adjustment is made for high-risk projects, and a 2 percent adjustment is made for low-risk projects. Which project(s) should PPP purchase? Round your answers to the nearest whole number.

Project	Risk-Adjusted r	Acceptable?
P	%
Q	%
R	%

Thus, ______ should be purchased.