Project 1 2 3 4 5 The following table summarizes information for five projects: IRR on Increments of Investment Compared with Projects (%) 1 2 3 4 First Cost (in $) 100,000 175,000 200,000 250,000 300,000 IRR on Overall Investment 19% 15% 18% 16% 17% 9% 17% 12% 14% 23% 17% 13% 11% 17% 16% One can interpret the data in the following way: The IRR on the incremental investment between project 5 (the challenger) and project 4 (the Current Best Alternative) is 16%. If the projects are mutually exclusive and the company's MARR is 15%, which project should the company undertake? Your work must clearly show all comparisons with reasoning for each sequential decision.