An all-equity firm is considering the following projects:

Project	Beta	IRR
A	0.75	8.4%
B	0.95.	12.6%
C	1.15	13.5%
D	1.32	14.5%
E	1.45	15.9%

The T-bill rate is 3 percent, and the expected return on the market is 12 percent.

a. Which projects have a higher expected return than the firms 13 percent cost of capital?

b. Which projects should be accepted? Why?

Note: (Please show these in excel is possible)