commercial services carry a higher risk). The total projects budget for Diversified Services is $4.9 million. A table showing the investments for the projects being considered in each service line and projected free cash flows follows: All projects are expected to generate free cash flows for 6 years before being retired or scrapped (with no residual value). NOTE: If using Excel, Investments should be entered as negative numbers. No additional cash flows are expected from any of the five projects after year 6 . Year 6 cash flow includes selling any assets remaining from the project and discontinuing the service. Which of the 5 projects has the highest IRR? The correct answer was determined using an Excel spreadsheet. Take answer to at least two decimal positions