Rank the following four independent investment projects using IRR. Ranking choices are shown from highest IRR to lowest IRR:

Project CF0 Annual CF Project Life

I $4 million $1.1 million 5 years

II $8 million $2.8 million 4 years

III $7 million $2.1 million 5 years

IV $6 million $2.0 million 4 years

a) IV, III, II, I

b) II, III, IV, I

c) III, II, IV, I

d) I, II, III, IV