Three mutually exclusive processes have projected cash flows as shown below. Based on incremental rate of return analysis, which project should be selected?

MARR = 9%
Years	Process X	Process Y	Process Z
0	($375,000)	($629,500)	($845,000)
1	$69,000	$64,000	$95,000
2	$73,490	$69,180	$101,830
3	$78,236	$174,678	$109,064
4	($286,315)	$180,513	$116,724
5	$88,550	$86,702	$124,833
6	$94,148	($289,850)	$133,416
7	$100,061	$100,224	$142,498
8	($309,644)	$107,600	($433,815)
9	$112,900	$115,415	$162,270
10	$119,863	$173,694	$173,018
11	$127,213	$132,462	$184,383
12	$143,159	($165,572)	$196,397
13	$143,159	$151,574	$209,096
14	$151,800	$161,976	$222,517
15	$160,917	$172,982	$236,697