Summer Company is considering three capital expenditure projects. Relevant data for the projects are as follows. Project Investment Annual Income Life of Project 22A $240,000 $15,000 6 years 23A 270,000 24,400 9 years 24A 280,000 21,000 7 years 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. Summer Company uses the straight-line method of depreciation. Determine the internal rate of return for each project. 22A % 23A % 24A % If Summer Company's required rate of return is 11%, which projects are acceptable? 23A22A and 24A23A and 24A22A and 23A22A, 23A and 24A22A24A