11. Assume the following information for five projects that last for 1 year: Projects 2 3 4 5 Initial outlay () 10,000 20,000 30,000 40.000 50,000 Cash flow at end of 1 year () Cost of capital (%) 12,500 1.10% 23,400 2.20% 34,300 3.30% 45,200 4.40% 56.100 5.50% Which of the following is true? a) Project 1 has the highest NPV b) Project 2 has the highest NPV c) Project 3 has the highest NPV d) Project 4 has the highest NPV e) None of the above 12. Given the information in Question 11, which of the following is true? a) Project 1 has the highest IRR b) Project 2 has the highest IRR c) Project 3 has the highest IRR d) Project 4 has the highest IRR e) None of the above