There are three projects. Project X has Rs 150 as the initial investment, Rs 60 as NPV and 1.40 as profitability index. The respective figures for Project Y are Rs 300, Rs 105 and 1.35 and for Project...

There are three projects. Project X has Rs 150 as the initial investment, Rs 60 as NPV and 1.40 as profitability index. The respective figures for Project Y are Rs 300, Rs 105 and 1.35 and for Project Z are Rs 200, Rs 100 and 1.50. (a) Which two projects should be selected if there is no capital rationing? (b) Which two projects should be selected if there is capital rationing of Rs 450?