Engineering Economy 16th Edition by William Sullivan ,Elin Wicks, Koelling,

Exercise 1

Unless stated otherwise, discrete compounding of interest and end-of-period cash flows should be assumed in all problem exercises for the remainder of the book. All MARRs are "per year." The number in parentheses that follows each problem refers to the section from which the problem is taken.
Tennessee Tool Works (TTW) is considering investment in five independent projects, Any profitable combination of them is feasible.
TTW has $50 million available to invest, and these funds are currently earning 7% interest annually from municipal bonds. If the funds available are limited to $50 million, what is TTW's MARR that is implied by this particular situation