Fuller Ranch is considering investing in one of the following four independent investment opportunities:

Project	Cost	Rate of Return
Cow Milker	$500,000	9%
Chicken Plucker	$300,000	12%
Egg Collector	$450,000	14%
Goat Herder	$250,000	11%

All projects are assumed to have risk equal to Fuller Ranchs existing assets. Fuller Ranch has equal amounts of debt and equity in its capital structure. There is no preferred stock. The cost of debt is 10% and the cost of equity is 16%. If the company's tax rate is 25%, which of the projects will NOT be accepted?

		Chicken Plucker and Egg Collector
		Chicken Plucker and Cow Milker
		Cow Milker and Goat Herder
		Egg Collector and Goat Herder
		All projects will be accepted.