1. 20 marks A project manager is considering three mutually exclusive alternatives to increase production. Option A has an initial investment of $665,000 and subsequent annual costs of $30,000. Option B has an initial investment of $200,000 and subsequent annual costs of $95,000. Option C has an initial investment of $33,000 and subsequent annual costs of $123,000. The analysis period for all options is 10 years and the MARR is 13%. a) Based on the IRR analysis method, which option should be chosen? (Other analysis options will not be marked). (14 marks) b) What is the IRR? (6 marks) Solution Instructions: Show your calculations in detail. Use 4 decimal points for the interest factors. Round off your final IRR answer to two decimal points. Hint: Use tables I acer