please show how to get this answer, thank you!

31. Given the following: the risk-free rate is 8% and the market risk premium is 8.5%, which projects should be accepted if the firm's beta is 1.27 Po Expected return Proiect 0.65 0.90 1.40 12% 17% 19% a. I only b. II only c. III only d. I and II only e. None of the projects are acceptable