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A company is considering investing in several projects that have varying capital requirements over the next two year. Faced with limited capital each year, the company would like to select the most profitable projects that it can afford. The estimated net present value for each project and the capital requirements are shown below.

Project	NPV ($000s)	Yr 1 Capital ($000s)	Yr 2 Capital ($000s)
A	146	70	111
B	135	120	85
C	137	129	78
D	176	114	106
E	118	98	74
F	178	107	119
G	149	90	102
H	128	122	121
K	116	129	124
M	172	84	117
N	158	115	76
P	143	107	107

The company wants to select projects that will maximize the total net present values. It has allocated a budget of $700,000 in Year 1 and $650,000 in Year 2.

[1] Use Solver to find the optimal solution that satisfy the budget limitations and explain the meaning of the optimal solution in the context of the problem. [2] The senior management put an additional restriction that Project P must be selected if Project A is selected. Find the optimal solution and explain its meaning. Furthermore, compare the latest solution against the solution in part 1. [3] The senior management add the second requirement that at least two must be selected from Projects B, C, and D. Find the optimal solution and explain its meaning. Moreover, compare the latest solution against the solution in part 2.

Please answer question, #1, #2, & #3. Please use excel and provide your steps in detail

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