ZeeZees Construction Company has the opportunity to select one of four projects (A, B, C, or D) or the null (Do Nothing) alternative. Each project requires a single initial investment and has an internal rate of return as shown in the first table below. The second table shows the incremental IRR(s) for pairwise comparisons between each project and all other projects with a smaller initial investment.

Investments and IRR(s)

Project	Initial Investment	IRR
Null	$0	0.0%
A	$600,000	44.0%
B	$800,000	40.0%
C	$470,000	39.2%
D	$540,000	36.0%

Incremental IRR(s)

Increment	Incremental IRR
B-A	28.3%
B-D	48.8%
B-C	41.4%
A-D	116.5%
A-C	61.0%
D-C	18.4%

If MARR = 20% then project _______(A, B, C, D, Null)is preferred based on an incremental IRR analysis.

If MARR = 30% then project________(A, B, C, D, Null)is preferred based on an incremental IRR analysis.

If MARR = 40% then project________(A, B, C, D, Null)is preferred based on an incremental IRR analysis.

If MARR = 50% then project ________(A, B, C, D, Null)is preferred based on an incremental IRR analysis.

Assume MARR = 30%. Which project is preferred based on an incremental ERR analysis? _______(A, B, C, D, Null, not enough information)