Question 1 (10 points): Company has 4 revenue projects under consideration for improving material flow through the production line. The initial costs are $1,000K for all projects. Annual savings and the life of each projects are shown in table below for each project option. Project 1 Project 2 260 K Project 3 260 K Project 4 300 K 10K from year 4 Annual savings from year 1 400 K 5K from year 3 | 1% from year 2 Savings decreased by Additional one-time savings 180K at year 650K at year 3 Life, years Note: All reasonable IRRs (between 0% and 100%) should be identified. a) If the options are independent and MARR is 20%, which should be selected? Justify answer using ROR. b) If the options are mutually exclusive and MARR is 20%, which should be selected? Justify answer using 4 ROR c) If MARR is 23%, which should be selected if they are independent options? d) If MARR is 23%, which should be selected if they are mutually exclusive