9?20.

The CFO of Horatio?s Hotels gave three college interns three different independent projects to evaluate. Following are the results of their analyses:

(Table attached)

The CFO agrees with the final accept/reject decision that each intern made. But she spotted an error in the numbers reported by one of the interns.

• (a) Which intern?s report has the error?
• (b) Does the information given here provide an indication of the firm?s required rate of return? Explain your answers.