An all-equity firm is considering the following projects: .65 Project Beta w X .74 Y 1.33 Z 1.44 IRR 9.5 % 10.7 14.2 17.3 The T-bill rate is 5.3 percent, and the expected return on the market is 12.3 percent. Compared with the firm's 12.3 percent cost of capital, Project W has a lower expected return, Project X has a flower expected return, Project Y has a higher expected return and Project Z has a higher expected return