PQR Corporation has a capital expenditure budget of $1,100,000. The company evaluates six projects with the following details. The required return is 11%.

Project	Investment ($thousands)	NPV ($thousands)	IRR (%)
1	400	60	12.5
2	200	15	10.0
3	300	50	13.8
4	250	-5	8.5
5	150	20	11.2
6	350	55	14.5

Requirements:

1. Choose projects to maximize NPV without exceeding the budget.
2. Calculate the combined NPV of the chosen projects.
3. Assess the impact of the budget constraint on the company's value.