E25.7 (LO 4), AN Iggy Company is considering three capital expenditure projects. Relevant data for the projects are as follows. Annual Net Project Investment Income Life of Project 22A $240,000 $15,500 6 years 23A 24A 270,000 20,600 9 years 280,000 15,700 7 years Annual net income is constant over the life of the project. Each project is expected to have zero salvage value at the end of the project. Iggy Company uses the straight-line method of depreciation. Instructions a. Determine the internal rate of return for each project. Round the internal rate of return factor to three decimals. b. If Iggy Company's required rate of return is 10%, which projects are acceptable? Calculate annual rate of return.