Black Ridge financial has been presented with 2 possible expansion opportunities. The first is to start a new branch in Canada, while the second option would be to start a new branch in Ireland. Details regarding the projects is below

	Year	1	2	3
Canada	CF	$ (200,000)	$ (60,000)	$ 500,000
Ireland	CF	$ (3,000,000)	$ 1,500,000	$ 4,000,000
	Cost of Equity	15%
	Cost of Debt	7%
	Total Equity	$ 15,000,000
	Total Debt	$ 6,000,000

If the firm only has the ability to pursue one project, which one should they pick and why?

Group of answer choices

Ireland because the NPV is lower than the cost of capital

Canada because the IRR is 0.7% higher

Canada because it has a higher NPV

Canada because the IRR is 31% compared to Ireland's 20%