Two mutually exclusive projects are being considered. Neither project will be repeated again in the future after their current project lives are complete. There exists a potential problem though, the expected life of the first project is one year and the expected life of the second project is three years. This has caused the NPV and IRR methods to suggest different project preferences. What technique can be used to help make a better decision in this scenario? Ignore the NPV technique and simply choose the highest IRR since managers are concerned about maximizing returns Rely on the NPV method and make your choice as it will tell you which one is best Use the common-life technique to replicate the one-year project three times and recalculate the NPV and IRR for the one-year project In this situation, we need to rely on the profitability index (PI) method and choose the one with the highest PI