2. In your financial modeling office your supervisor has set up the following rules for you to follow in the evaluation of investment projects. For mutually exclusive projects use the two-step process: Step 1 - Exclude projects with IRRs less than the established hurdle cost of capital. Step 2 - Choose from the remaining projects the one with the highest IRR. Be diplomatic but write a short memo to your supervisor's boss explaining why this could lead to incorrect decision-making