An analyst does research about cost of capital and gathers the following information about a company's proposed investment projects for 2012:

Project	Initial Investment(million)	NPV (million)	IRR
1	$21	$2.4	21%
2	$23	$1.6	19%
3	$19	$0.8	17%
4	$19	$0.6	14%
5	$31	-$1.0	12%

If the analyst's calculations are accurate, the each of the projects has the predicted cash flow pattern and the same risk as the company, the company's cost of capital is closest to:（）

单项选择题An analyst gathers the following information about two mutually exclusive projects of a company: Project 1 Project 2 Net present value $700000 $600000 Interest rate of return 12% 15% If the cost of capital used is 10%, the most appropriate decision for the company is to accept:（）

A. Project 1 only.
B. Project 2 only.
C. both Project 1 and Project 2.

单项选择题An analyst does research about capital budgeting. A company that has a weighted average cost of capital of 17 percent is considering an independent capital project that has the same risk as the company, an estimated internal rate of return of 19 percent and cash inflows that are expected at equal intervals over the life of the project. If the project is accepted, cash flows associated with the project are received as expected, and the company's weighted average cost of capital remains unchanged over the life of the project, the actual rate of return earned by the project is most likely to be:（）

A. less than 19%.
B. more than 19%.
C. equal to 19%, because the actual cash flows equal the expected cash flows.