Ferris Industries has $50 000 available to invest in new equipment. Management is considering four different equipment investments, each of which requires $50 000. The expected after-tax cash flow for each project has been estimated as follows: Project 1 Project 2 Project 3 Project 4 1 $10,000 40,000 18,000 30,000 2 $12,000 5,000 (16,000) Year 3 $14,000 (3,000) 50,000 4 $16,000 40,000 50,000 30,000 5 $ 16,000 5,000 3,000 30,000 6 $16,000 1,000 3,000 30,000 0 Required (a) Rank the projects in terms of desirability using the internal rate of return for each project as the criterion. Use Excel or a similar spreadsheet to calculate the IRRs. (b) What other factors should be considered in making the decision of which investment to choose