If the study period is 3 years, i.e., the product life is expected to be only 3 years, determine which alternative should be chosen using the IRR Method. You may use any equation solver to compute IRRs after stating the relevant equations that need to be solved

SuperCool, a manufacturer of industrial cooling systems has recently developed a new absorption chiller which uses plain water as a refrigerant and semiconductors that cool down when charged with electricity. This new technology eliminates the traditional chilling technique, which uses chlorofluorocarbons (CFCs) - a product that damages the earth's ozone layer. The company is planning to launch the product and is considering three investment alternatives. Relevant data for the three alternatives are given in the table below: Alternative A Invest Large $1,200,000 $300,000 $20,000 9 years $600,000 $300,000 $120,000 Initial Investment Cost Annual Revenue Annual Operation Cost Useful Life Market value at EoY 3 Market value at EoY6 Market value at EoY 9 Alternative B Invest Medium $800,000 $248,000 $15,000 6 years $300,000 $80,000 Alternative C Invest Small $400,000 $200,000 $10,000 3 years $40,000 The company's MARR is 10%