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Iggy Company is considering three capital expenditure projects

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Iggy Company is considering three capital expenditure projects. Relevant data for the projects are as follows. Annual Life of 
Project Investment Income Project 
22A $240,400 $16,700 6 years 23A 273,200 20,740 9 years 24A 281,300 15,700 7 years 
Annual income is constant over the life of the project. Each project is expected to have zero salvage value at the end of the project. Iggy Company uses the straight-line method of depreciation. Click here to view PV table. (a) 
Determine the internal rate of return for each project. (Round answers 0 decimal places, e.g. 13%. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) 
Project Internal Rate of Return 
22A 
23A 
24A 
(b) 
% 
% 
% 
If Iggy Company's required rate of return is 11%, which projects are acceptable? 
The following project(s) are acceptable