Project A Project B Project C Time 0 -9,000 -9,000 -9,000 Time 1 5,000 3,000 4,000 Time 2 4,000 4,000 3,000 Time 3 3,000 5,000 10,000 IRR 17.5% 14.5% 32.7% NPV at 8% $1,440 $1,176 $5,214 If a company uses the IRR rule to choose projects, which project will rank the highest?

Project A

Project B

Project C