An all-equity firm is considering the following projects: Project Beta IRR W 0.8 6% X 0.7 5% Y 1.15 9% Z 1.7 13% The T-bill rate is 3 percent and the expected rate of return on the market is 7.5% 1. Which projects have a higher return than the firm's 12% cost of capital? (3) Which project should be accepted? (3) 2. 3. Which projects would be incorrectly accepted or rejected if the firm's overall cost of capital were used as a hurdle rate? (3)