The five independent projects shown below are under consideration for implementation by KNF Neuberger, Inc. The company's MARR is 15% per year.

(a) Determine which projects should be undertaken on the basis of IROR if the budget limitation is $97,000. (Solve by hand or spreadsheet as instructed.)

(b) Determine the overall rate of return if the money not invested in projects is assumed to earn a rate of return equal to theMARR.

Annual Income, S per Year Project First Cost, 30,000 -15.000 -45,000 -70.000 -40,000 9.000 4.900 11,100 9,000 10,000 Project Life, Years 10 10 10 10 10