In the Rawhide Company (a leather products manufacturer), decisions regarding approval of proposals for capital investment are based upon a stipulated MARR of 18% per year. The five packaging devices listed in the table below were compared assuming a 10 year useful life and zero market value for each at that time. Which one (if any) should be selected? Use the IRR and PW method.

	Packaging Equipment
	A	B	C	D	E
Capital Investment	$38,000	$50,000	$55,000	$60,000	$70,000
Annual revenue less expenses	$11,000	$14,100	$16,300	$16,800	$19,200
Rate of return (IRR)	26.1%	25.3%	26.9%	25.0%	24.3%