1. IRRs and NPVs will always identify the same financial decision EXCEPT when:

i. Choosing between mutually exclusive projects

ii. Payback periods are shorter than 1 year

iii. Required rates of return are negative

iv. Cash flows reverse in and out of the project multiple times

a. (i) and (ii) only

b. (iii) and (iv) only

c. (i) and (iv) only

d. (i), (ii), and (iv) only

Please fully explain the reason for your answer. Thank you