Use the following information to answer next three questions: IO PI IRR Project 1 $300,000 1.12 14.38% Project 2 $150,000 1.08 13.32% Project 3 $100,000 1.20 16.46% Assume that the cost of capital is 12%. LIFE 15years 6years 3years If the firm has a maximum capital expenditures budget of $450,000, and if the projects are mutually exclusive, and repeatable, which project(s) should be accepted? O Projects 1,2 and 3 O Projects 1 and 3 O Projects 2 and 3 Project 3 Project 1