Year	0	1	2	3	4
Project 1	-$148	$18	$40	$59	$80
Project 2	-824	0	0	7009	-6504
Project 3	18	39	60	82	-243

a. For which of these projects is the IRR rule reliable?

b. Estimate the IRR for each project (to the nearest 1%).

c. What is the NPV of each project if the cost of capital is

5%?

20%?

50%?