Trillium Company is considering investing in 3 different projects. It only has enough cash to invest in ONE. Here is a summary of all three projects:

Project X

Up front cash required $900,000

Depreciation $200,000

Net Present Value of Future Cash Flows $1,200,000

Up front working capital required $300,000

Project Y

Up front cash required $700,000

Depreciation $100,000

Net Present Value of Future Cash Flows $500,000

Up front working capital required $100,000

Project Z

Up front cash required $1,400,000

Depreciation $450,000

Net Present Value of Future Cash Flows $1,800,000

Up front working capital required $400,000

a) Calculate the Profitability Index for each Project (6 Marks)

b) Which Project, if any, should the company select and why? (3 Marks)

c) Do any of the Projects have an IRR greater than OR less than the company's Discount Rate? Explain your answer. (4 Marks)

This is management accounting. Please complete fully all requirements above. Thank you very much!