Given the following project information. If the MARR is 9% and the budget is $40,000, what is the minimum attractive rate of return for the projects selected?

Comparison data of Projects A to E based on first cost, net annual revenue, life, present worth (PW) at 9% of benefits, net present value (NPV) at 9%, equivalent annual worth (EAW) at 9%, internal rate of return (IRR), and benefit-cost (B/C) ratio at 9%.

Project	First Cost	Net Annual Revenue	Life (years)	PW at 9% of Benefits	NPV at 9%	EAW at 9%	IRR	B/C ratio at 9%
A	$20,000	$4000	10	$25,671	$5671	$884	15.1%	1.28
B	10,000	2500	8	13,837	3837	693	18.6	1.38
C	30,000	8800	5	34,229	4229	1087	14.3	1.14
D	20,000	4100	10	26,312	6312	984	15.8	1.32
E	10,000	2800	6	12,561	2561	571	17.2	1.26