So 5 points a) Provide two circumstances where IRR should be avoided or replaced by NPV. Explain briefly b) For projects with different lifetimes, how do we evaluate and make investment decision? Briefly explain e) Assume that you are valuing a project with the following expected cash flows. From Year 1 to Year 5, there will be a stendy cash in flow of $50,000. At Year 6, it is expected that company will realize a cash outflow of $100,000 Cash inflows in Year 7 and 8 will be $20,000 and $10,000, respectively If the initial outlay. Year O cash flow) is $150,000 and the required rate of retum is 10%, would you accept the project? Show your steps 4) What is the payback period for the project in part (c)