The total amount of money available is $60,000 for investments. Five projects are available:
Project Investment ($) Annual Profit ($)
1 20,000 15,000
2 15,000 10,000
3 18,000 14,000
4 8,000 8,000
5 13,000 10,000
Formulate this problem to determine which projects (at most one each) should be selected for investment to maximize total annual profit. Please show your definition of decision variables needed clearly for this formulation. Do not ever try to solve this problem.
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