An all-equity firm is considering the following projects: Project Beta IRR
W .67 9.5 %
X .74 10.6
Y 1.37 14.1
Z 1.48 17.1
The T-bill rate is 5.1 percent, and the expected return on the market is 12.1 percent.
a. Compared with the firm's 12.1 percent cost of capital, Project W has a lower expected return, Project X has a lower expected return, Project Y has a higher expected return, and Project Z has a higher expected return.
b. Project W should be rejected , Project X should be accepted , Project Y should be rejected , and Project Z should be accepted .

Projects W and X have lower expected returns

Projects Y and Z have higher expected returns

Explanation:

Given

Solving (a): Compare the expected return of each project to 12.1%

Expected Return of each project is calculated as:

For Project W:

Lower Expected return

For Project X:

Lower Expected return

For Project Y:

Higher Expected return

For Project Z:

Higher Expected return

There is no question in (b)

i believe the answer is: streets and roads

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