Iggy Company is considering three capital expenditure projects. Relevant data for the projects are as follows.

Project		Investment		Annual Income		Life of Project
22A		$ 240,900		$ 17,400		6 years
23A		274,900		20,950		9 years
24A		283,900		15,700		7 years

Annual income is constant over the life of the project. Each project is expected to have zero salvage value at the end of the project. Iggy Company uses the straight-line method of depreciation. Click here to view PV table. (a) Determine the internal rate of return for each project. (Round answers 0 decimal places, e.g. 10. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

Project		Internal Rate of Return
22A		______________%
23A		______________%
24A		______________%

(b) If Iggy Companys required rate of return is 11%, which projects are acceptable?

The following project(s) are acceptable 23A and 24A.

22A and 24A.

23A.

24A.

22A and 23A.

22A. 22A, 23A and 24A

.