Problem 3. (20 Pts) 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. Null A B C D Life 10 years 10 years 10 years 10 years 10 years Initial Investment $0 $600,000 $800,000 $470,000 $540,000 Salvage Value $0 24225 $130,000 $65,000 $200,000 Annual Revenues $0 $400,000 $600,000 $260,000 $320,000 Annual Expenses $0 $130,000 $270,000 24225 $120,000 Set MARR=4%, and refinance rate = 7% 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'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? ?