a) List and explain three problems with IRR, and whether or not MIRR solves each problem. Your explanation should include why these are problems (why we can't just ignore these issues).

b) List and explain (in one to two sentences each) two problems with payback period that are not problems for NPV. Your explanation should include why these are problems (why we can't just ignore these issues).

c) There are three characteristics that we need to know about a project's cash flows in order to properly value them (correctly calculate the present value). Name the three things, and briefly explain why we need to know each characteristic.