An all-equity firm is considering the following projects: Project Beta W .83 .92 Y 1.09 Z 1.35 IRR 9.4% 11.6 12.9 14.1 The T-bill rate is 4 percent, and the expected return on the market is 12 percent. a. Compared with the firm's 11 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. higher lower b. Project W should be Project Y should be should be , Project X should be , and Project Z accepted rejected c. If the firm's overall cost of capital were used as a hurdle rate, Project W would be Project X would be Project Y would be , and Project Z would be correctly accepted correctly rejected incorrectly accepted incorrectly rejected