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The KJL Company is contemplating five independent projects, with cash flows as in Table 9-16. The MARR is 12% and the budget constraint is $200000. (a) Compute the rate of return for each project. (b) What is the optimum portfolio, if the minimum desired payback period (Section 8.3) is two years? Ans. (a) i = ii-i8-i= i-15%. (b) PBPa = PBPa = PBPc= 2.28 years, PBPD=2.055 years PBPE = 2.0 years; the only acceptable choice is project E. 9.34 Table 9-16 End of Year Project Project Project Project Project $60 00095000 50 000 45 000 26 609 -$100 000$50 000$75 000 43 798 43 798 43 79821899 21 899 21 899 38 848.50 38 848.50 38 848.50 30 000 29 000 18 228 How would the result of Problem 9.34(b) change if (a) the minimum desired payback period is 2.2 years? (b) the minimum desired payback period is 2.2 years and the budget constraint is $150 000? Ans. (a) D, or E, or D and E; (b) D or E 9.35