Exercise 12-7 (Video) Iggy Company is considering three capital expenditure projects. Relevant data for the projects are as follows. Project Investment 22A $242,200 23A 271,500 24A 283,000 Annual Life of Income Project $16,890 6 years 20,710 9 years 15,700 7 years Annual 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. Click here to view PV table. (a) Determine the internal rate of return for each project. (Round answers o decimal places, e.g. 13%. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Project Internal Rate of Return 22A 23A % 24A 9% (b) If Iggy Company's required rate of return is 11%, which projects are acceptable? The following project(s) are acceptable