I NEED AN EXPLANATION PLEASE

25. An all equity company is considering four projects. The firm's WACC is 11.5%. The risk-free rate is 4%, the expected return on the market is 9%. Information regarding the projects is shown in the table below. Project #1 #2 #3 #4 Project Beta 0.8 Project's IRR 8.5% 9.2% 11 .8% 12.5% Which of the projects should the company accept? A) Projects #1, #2, and #3 B) Projects #3 and #4 C) Project #1 D) Projects #2 E) None of A, B, C or D are correct