A company has $1,000,000 to invest in new Ramp;D projects. The company wants to determine what set of projects should be selected.

A company has $1,000,000 to invest in new R&D projects. The company wants to determine what set of projects should be selected.

[Deterministic Scenario] The following table summarizes the initial cost and revenue potential for each of the projects:

ProjectInitial CostExpected Revenue1$500,000$1,500,0002$500,000$1,500,0003$500,000$1,800,0004$500,000$1,800,000

a.)  Formulate an LP model for this problem with the objective of maximizing total profit

b.)  Implement your model in a spreadsheet and solve it

c.)  What is the optimal solution?

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