PQR Corporation has $1,100,000 to allocate towards new projects. Evaluate the following 7 projects and determine which should be accepted to stay within the budget while maximizing NPV. The opportunity cost of capital is 10 percent.

Project	Investment ($thousands)	NPV ($thousands)	IRR (%)
1	350	60	13.5
2	300	45	12.0
3	200	25	11.5
4	100	-5	9.0
5	400	70	14.0
6	250	35	10.5
7	500	80	15.0

Requirements:

1. Select the projects to be undertaken.
2. Compute the total investment for the selected projects.
3. Calculate the total NPV of the selected projects.
4. Analyze the impact of the opportunity cost of capital.