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The reason is the NPV and IRR approaches use different reinvestment rate assumptions so there can be a conflict in project acceptance when mutually exclusive

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The reason is the NPV and IRR approaches use different reinvestment rate assumptions so there can be a conflict in project acceptance when mutually exclusive projects are considered. v approach should be used for the Reinvestment at the WACC is the superior assumption, so when mutually exclusive projects are evaluated the NPV capital budgeting decision

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