An all-equity firm is considering the following projects: Project W Y Z Beta .80 .90 1.10 1.35 IRR 9.3% 11.4 12.1 15.1 The T-bill rate is 4 percent, and the expected return on the market is 12 percent. a. Which projects have a higher expected return than the firm's 12 percent cost of capital? expected return, Project X has a Project W has a expected return, and Project Z has a expected return, Project Y has a expected return