Marble Construction estimates that its WACC is 8% if equity comes from retained earnings. However, if the company issues new stock to raise new equity, it estimates that its WACC will rise to 8.9%. The company believes that it will exhaust its retained earnings at $2,400,000 of capital due to the number of highly profitable projects available to the firm and its limited earnings. The company is considering the following seven investment projects: Project Size IRR 690,000 1,020,000 1,000,000 1,200,000 470,000 690,000 680,000 13.7 % 13.3 9.2 8.7 8.8 9.4