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

Project		Investment		Annual Income		Life of Project
22A		$244,100		$17,140		6 years
23A		273,500		20,740		9 years
24A		280,600		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 the factor table. (a) Determine the internal rate of return for each project. (Round answers 0 decimal places, e.g. 13%. 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 22A and 24A

22A and 23A

22A, 23A and 24A

23A and 24A

23A

22A

24A