An all-equity firm is considering the projects shown below. The T-bill rate is 3 percent and the market risk premium is 6 percent. If the firm uses its current WACC of 12 percent to evaluate these projects, which project(s) will be incorrectly rejected? 
Definitions:
Toothpaste Tubes
Containers designed to hold toothpaste, facilitating its application onto a toothbrush.
Manufacturer
An entity or company that makes goods for sale through the process of converting raw materials into finished products.
Underfilling
Refers to the process or instance of not filling a container or space to its capacity, often used in a manufacturing or packaging context.
Z Statistic
A statistical measure used in hypothesis testing, representing the number of standard deviations a data point is from the mean.
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