1.When considering both NPV and IRR, which statement is true with regards to selecting a project?

You should choose the project with the higher IRR even if it has the lower NPV.

You should choose the project with the higher NPV even if it has the lower IRR.

You should always choose the project with the higher IRR.

You should only choose a project if both the NPV and the IRR are higher than those of the alternative project.