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An all-equity firm is considering the following projects: Project Beta IRR W 75 9.4% .90 11.2 Y 1.15 14.1 Z 1.45 15.5 The T-bill rate is 3.5 percent and the expected return on the market is 12 percent. a. Compared with the firm's 12 percent cost of capital, Project W has a expected return, Project Y has a expected return. expected return, Project X has a expected return, and Project Z has a A higher lower