An all-equity firm is considering the following projects:

Project	Beta			IRR
W		.56			9.2	%
X		.89			9.9
Y		1.11			12.3
Z		1.49			15.4

The T-bill rate is 4.4 percent, and the expected return on the market is 11.4 percent.

Compared with the firm's 11.4 percent cost of capital, Project W has a
expected return, Project X has a			expected return, Project Y has a
	expected return, and Project Z has a			expected return.