Show work without using the excel method

Both Old Line Industries and High Tech, Inc., use the IRR to make investment deci- sions. Both firms are considering investing in a more efficient $4.5 million mail-order processor. This machine could generate after-tax savings of $2 million per year over the next three years for both firms. However, owing to the risky nature of its business, High Tech has a much higher cost of capital (20%) than does Old Line (10%). Given this information, answer parts (a)(c). a. Should Old Line invest in this processor? b. Should High Tech invest in this processor? c. Based on your answers in parts (a) and (b), what can you infer about the acceptability of projects across firms with different costs of capital? Both Old Line Industries and High Tech, Inc., use the IRR to make investment deci- sions. Both firms are considering investing in a more efficient $4.5 million mail-order processor. This machine could generate after-tax savings of $2 million per year over the next three years for both firms. However, owing to the risky nature of its business, High Tech has a much higher cost of capital (20%) than does Old Line (10%). Given this information, answer parts (a)(c). a. Should Old Line invest in this processor? b. Should High Tech invest in this processor? c. Based on your answers in parts (a) and (b), what can you infer about the acceptability of projects across firms with different costs of capital