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Practice Exam NPV/IRR Etc. Question

Got another one:
Ron’s Organic mkts has limited access to borrowed funds and must choose among several independent projects with returns greater than their cost of capital. All the projects under construction have the same required investment of $2 Million and Ron has $10 Million available for capital investments this yr. Which of the following selection criteria is least likely to produce the optimal five projects for investment? Chose the five projects with:
A. the greatest total NPV
B. The largest sum of profitability indexes
C. the highest IRRs
D. the greatest PV of total expected incremental aftertax cash flows.
The answer is C. but is it C because even tho the projects are independent he would have to choose one over the other which would make the other ranking options more appealing?

Yea I don’t like this question. I thought for independent projects IRR and NPV were the 2 optimal ranking calc’s to use.

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