An all-equity firm is considering the following projects:

Project	Beta			Expected Return
W		0.75			8.9	%
X		0.90			10.8
Y		1.15			12.8
Z		1.45			13.9

The T-bill rate is 4%, and the expected return on the market is 11%.

a. Compared with the firm's 11% 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.

b. Project W should be , Project X should be , Project Y should be , and Project Z should be .

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 .