uhblaluu I): aulllllly b01111)": 1115 I111.) uu1\\ I'llu Int; 11\"\\ U1 luv luvhalmuul. unplann- 12. Kaimalino Properties (KP) is evaluating six real estate investments. Management plans to buy the properties today and sell them ve years from today. The following table summarizes the initial cost and the expected sale price for each property, as well as the appropriate discount rate based on the risk of each venture. Picket Cost'l'oduy Discount Rate Expand Sale Price in Year 5 Mountain Hldgo $ 3.000.000 15% 518000000 Ocean Park Estates 15,000,000 15% 75,500,000 Lakeview 9,000,000 15% 50,000,000 Soabroeze 6.000.000 8% 35.500000 Green Hills 3,000,000 8% 10,000,000 West Ranch 9,000,000 8% 46,500,000 KP has a total capital budget of $18,000,000 to invest in properties. a. What is the IRR of each investment? b. What is the NPV of each investment? c. Given its budget of $18,000,000, which properties should KP choose? d. Explain why the protability index method could not be used if KP's budget were $12,000,000 instead. Which properties should KP choose in this case