In the sheet Q3A you will find a partially-filled worksheet. A firm must determine what investment opportunities to undertake. The firm is limited to a maximum expenditure of $287,000 for this capital budgeting period. The firm has the following projects to invest:

Use the Solver to find the optimal selection of projects. Your answer will also indicate the total initial investments and total NPV for the optimal set of projects selected. (15 points total for the answers in cells C16 & C17, no partial credit)

\begin{tabular}{|c|cc|r|rr|c|} \hline \multicolumn{7}{|c|}{ Available Projects } \\ \hline Project & \multicolumn{2}{|c|}{ Initial Investment } & IRR & \multicolumn{2}{|c|}{ NPV } & PI \\ \hline 1 & $ & 6,000 & 19% & $ & 500 & 1.08 \\ \hline 2 & $ & 9,500 & 21% & $ & 11,000 & 2.16 \\ \hline 3 & $ & 70,000 & 25% & $ & 50,000 & 1.71 \\ \hline 4 & $ & 65,000 & 22% & $ & 15,000 & 1.23 \\ \hline 5 & $ & 80,000 & 26% & $ & 6,000 & 1.08 \\ \hline 6 & $ & 100,000 & 20% & $160,000 & 2.60 \\ \hline 7 & $ & 120,000 & 24% & $75,000 & 1.63 \\ \hline 8 & $ & 135,000 & 28% & $40,000 & 1.30 \\ \hline 9 & $ & 150,000 & 19% & $38,000 & 1.25 \\ \hline 10 & $ & 250,000 & 15% & $45,000 & 1.18 \\ \hline \end{tabular}