Listen Which project should be chosen? All have the same useful life. Payback period 3.2 Project A B D E IRR 1996 18% 2196 20% 17% NPV (in millions) 526 $20 $21 $24 S25 2.3 4.5 5.1 1) Project A 2) Project B 3) Project 4) Project D 5) Proiect F