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

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.

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.)

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

Project Investment 224 $241,400 23A 271,100 24A 282,100 Annual Life of Income Project $17,590 6 years 20,620 9 years 15,700 7 years