lect the best of a group of independent projects competing for the firm's fixed capital budget of $4.5 million. The firm recognizes that any unused portion of this budget will earn less than its 15% cost of capital, thereby resulting in a present value of in- flows that is less than the initial investment. The firm has summarized, in the follow- ing table, the key data to be used in selecting the best group of projects. Present value of inflows at 15% $5,400,000 1,100,000 2,300,000 1,600,000 900,000 3,000,000 1,300,000 Prject Initial investment IRR -$5,000,000 17% -800,000 18 -2,000,000 19 -1,500,000 16 -800,000 22 -2,500,000 23 -1,200,000 20 a. Use the internal rate of return (IRR) approach to select the best group of projects. b. Use the net present value (NPV) approach to select the best group of projects c. Compare, contrast, and discuss your findings in parts a and b. d. Which projects should the firm implement? Why