Use the following information to answer next three questions: 10. PI IR Project 1 $300,000 1.12 14.38% Project 2 $150,000 1.08 13.52% Project 3 $100,000 1.20 16.46% Assume that the cost of capital is 12%. LIFE 15 years 6years 3years If the firm has a maximum capital expenditures budget of $450,000, and if the projects are independent, mutually exclusive, and repeatable, which project(s) should be accepted? O Projects 1, 2 and 3 O Projects 1 and 3 Projects 2 and 3 O Project 3 Project