Sheffield Company is considering three capital expenditure projects. Relevant data for the projects are as follows.

Annual income is constant over the life of the project. Each project is expected to have zero salvage value at the end of the project.

Sheffield Company uses the straight$-$line method of depreciation.

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$($a$)$

Determine the internal rate of return for each project. $($Round answers $0$ decimal places, e$.$g$.13\%.$ For calculation purposes, use $5$ decimal

places as displayed in the factor table provided.$)$

$($b$)$

If Sheffield Company's required rate of return is $11\%,$ which projects are acceptable?

The following project$($s$)$ are acceptable