Which of the following statements relating to the internal rate of return (IRR) is correct?

Question 24 options:

1)	If the IRR exceeds the required rate of return, the payback period is below the cutoff point.

2)	When the IRR is less than the required return, the NPV is positive.

3)	If two projects are mutually exclusive, you should select the project with the highest IRR

4)	A project may have multiple IRRs if the projects cash flows are unconventional.