SML and WACC. An all$-$equity firm is considering the following projects:

The T$-$bill rate is $4$ percent, and the expected return on the market is $12$ percent.

a$.$ Which projects have a higher expected return than the firm's $12$ percent cost of capital?

b$.$ Which projects should be accepted?

c$.$ Which projects will be incorrectly accepted or rejected if the firm's overall cost of capital were

used as a hurdle rate?