If an independent project with conventional, or normal, cash flows is being analyzed, the net present value (NPV) and internal rate of return (IRR) methods _____ agree. Projects Y and Z are mutually exclusive projects. Their cash flows and NPV profiles are shown as follows. If the weighted average cost of capital (WACC) for each project is 2%, do the NPV and IRR methods agree or conflict? The methods agree. The methods conflict. A key to resolving this conflict is the assumed reinvestment rate. The IRR calculation assumes that intermediate cash flows are reinvested at the _______, and the NPV calculation implicitly assumes that the rate at which cash flows can be reinvested is the ________. As a result, when evaluating mutually exclusive projects, the ______ is usually the better decision criterion