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Which of the followings may lead to the wrong decision if IRR is used as the investment decision criteria? When dealing with mutually exclusive projects.

Which of the followings may lead to the wrong decision if IRR is used as the investment decision criteria?

When dealing with mutually exclusive projects.

IRR never leads to the wrong decision.

When dealing with independent projects with conventional cash flow pattern.

When dealing with small independent projects

When dealing with very large independent projects

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