2. All the following projects have a very long useful life. Evaluate these projects using the Defender-Challenger approach (using the table provided) and Rate of Return (ROR). Clearly state which project is the ultimate "winner". = PROJECT 1: Initial Cost = $130k, Annual Income = $20k, Annual Expense = $5k PROJECT 2: Initial Cost = $100k, Annual Income = $10k, Annual Expense = $9k = PROJECT 3: Initial Cost = $45k, Annual Income = 8,500 Annual Expense = $2k PROJECT 4: Initial Cost = $75k, Annual Income = $14k, Annual Expense = $3k = = A) Evaluate projects using a Minimum Attractive Rate of Return (MARR) of 14%. (20 points) B) Indicate whether your evaluation would change, including calculations and recommendation, if MARR were changed to 12% (10 pts) 2. All the following projects have a very long useful life. Evaluate these projects using the Defender-Challenger approach (using the table provided) and Rate of Return (ROR). Clearly state which project is the ultimate "winner". = PROJECT 1: Initial Cost = $130k, Annual Income = $20k, Annual Expense = $5k PROJECT 2: Initial Cost = $100k, Annual Income = $10k, Annual Expense = $9k = PROJECT 3: Initial Cost = $45k, Annual Income = 8,500 Annual Expense = $2k PROJECT 4: Initial Cost = $75k, Annual Income = $14k, Annual Expense = $3k = = A) Evaluate projects using a Minimum Attractive Rate of Return (MARR) of 14%. (20 points) B) Indicate whether your evaluation would change, including calculations and recommendation, if MARR were changed to 12% (10 pts)