Question

The total amount of money available is $60,000 for investments. Five projects are available:            Project           ...

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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