Carrie is the regional manager of In-N-Out Burger. Management has asked for a recommendation to expand into Tennessee. She calculates the following NPV / IRR for each location, based on a WACC of 10%: Carrie is the regional manager of In-N-Out Burger. Management has asked for a recommendation to expand into Tennessee. She calculates the following NPV / IRR for each location, based on a WACC of 10%: City. Nashville NPV 6.1 IRR 12.2% Memphis -3.7 Knoxville Franklin 41.0 8.2% 31.5% 41.9 34.6% If management says the project choice is MUTUALLY EXCLUSIVE, which location should she select? Nashville. Largest population in Tennessee Franklin. Highest Net Present Value (NPV) All of the locations. All of these locations have a positive Internal Rate of Return (IRR) Memphis. Lowest Net Present Value (NPV) Knoxville. Second Highest NPV and IRR 80 F3 Q F4 F5 F6