In his position as vice president of research and development (R&D) for CRT Technologies, Mark Schwartz is responsible for evaluating and choosing which R&D projects to support. The company received 18 R&D proposals from its scientists and engineers, and identified 6 projects as being consistent with the company's mission. However, the company does not have the funds available to undertake all 6 projects. Mark must determine which of the projects to select. The funding requirements for each project are summarized below along with the NPV the company expects each project to generate.

	Expected	Capital Required In
Project	NPV	Year 1	Year 2	Year 3	Year 4	Year 5
1	$ 141,000	$ 75,000	$ 25,000	$ 20,000	$ 15,000	$ 10,000
2	$ 187,000	$ 90,000	$ 35,000	$ -	$ -	$ 30,000
3	$ 121,000	$ 60,000	$ 15,000	$ 15,000	$ 15,000	$ 15,000
4	$ 83,000	$ 30,000	$ 20,000	$ 10,000	$ 5,000	$ 5,000
5	$ 265,000	$ 100,000	$ 25,000	$ 20,000	$ 20,000	$ 20,000
6	$ 127,000	$ 50,000	$ 20,000	$ 10,000	$ 30,000	$ 40,000

The company currently has $250,000 available to invest in new projects. It has budgeted $75,000 for continued support for these projects in year 2 and $50,000 for years 3, 4, and 5.

Help Mark determines the best strategy on undertaking the projects

Answer using excel solver, also a separate model highlighting the formulas and the solver with equations highlighted