Exhibit 3 Company Policy for Project Approval Project Type Minimum Acceptable IRR Maximum Acceptable Payback (Years) 1. Market/Product Extension 12%…

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In January 2003, the estimated weighted-average cost of capital (WACC) for Queensland Food Corp was 10.5 percent. In describing the capital-budgeting process, the CFO, Tony Austin, said, “We use the sliding scale of IRR tests as a way of recognizing differences in risk among the various types of projects. Where the company takes more risk, we should earn more return. The payback test signals that we are not prepared to wait for long to achieve that return.”

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