Acme Engineering is evaluating 10 projects for next year's capital budget investments. Their corporate MARR is set at 12% and all projects have a 10-year life: Initial Cost Annual Benefit Project (thousands) (thousands) 1 $50 $10.3 2 $150 $32.2 3 $100 $17.7 4 $300 $48.8 5 $50 $11.9 16 $200 $38.3 7 $50 $10.0 00 8 $200 $36.9 9 $50 $11.5 10 $100 $22.3 1. Calculate the IRR for every project 2. If money is not a problem which projects should be approved? 3. Rank order all the acceptable projects according to IRR 4. If only $450,000 is available for the budget which projects should be approved