{"id":103,"date":"2019-09-05T02:49:01","date_gmt":"2019-09-05T02:49:01","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=103"},"modified":"2026-01-09T11:38:30","modified_gmt":"2026-01-09T11:38:30","slug":"npv-vs-irr-example-question","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/npv-vs-irr-example-question\/","title":{"rendered":"NPV Vs IRR"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n\n  \"name\": \"Discounted Cash Flow Applications (2019 Level I CFA\u00ae Exam \u2013 Reading 7)\",\n\n  \"description\": \"This video lesson covers discounted cash flow applications, focusing on capital budgeting and investment returns. It explains Net Present Value (NPV), Internal Rate of Return (IRR), holding period returns, money-weighted and time-weighted returns, and yields for money market securities, offering practical examples for evaluating investments and maximising shareholder wealth.\",\n\n  \"uploadDate\": \"2019-06-06T00:00:00+00:00\",\n\n  \"thumbnailUrl\": \"https:\/\/analystprep.com\/path-to-thumbnail\/discounted-cash-flow-thumbnail.jpg\", \n\n  \"contentUrl\": \"https:\/\/youtu.be\/lYpi92G13U4\",\n\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/lYpi92G13U4\",\n\n  \"duration\": \"PT27M31S\",\n\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/analystprep.com\/path-to-logo\/logo.jpg\",\n      \"width\": 600,\n      \"height\": 60\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Suppose you have three independent projects \u2013 X, Y, and Z. Assume that the hurdle rate is 12% for all the three projects. Their NPVs and IRRs are as shown below.\\n\\nProject X\\nProject Y\\nProject Z\\nNPV\\n$20,000\\n$21,400\\n$23,000\\nIRR\\n20%\\n32%\\n18%\\n\\nAssuming the projects are mutually exclusive, which of the following is the most economically feasible project?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A.\\n\\nProject X\\nProject Y\\nProject Z\\nNPV\\n$20,000\\n$21,400\\n$23,000\\nIRR\\n20%\\n32%\\n18%\\nDecision\\nAccept\\nAccept\\nAccept\\n\\nIf the IRR criteria is used, all the three projects would be accepted because they would all increase shareholders\u2019 wealth. Their NPVs are all positive, and again, the three are all acceptable.\\n\\nHowever, if the projects are mutually exclusive, then only one project would be chosen. If one were to pick one project based on internal rates of return of the projects, then one would go for Y. This is because its IRR is the highest compared to the other projects.\\n\\nThis decision would be wrong when we consider the sizes of the NPVs of the projects. While Y has the highest IRR, its NPV is lower than that of Z. The best decision would be to go for the project with the highest NPV, and that is project Z. Therefore, if projects are mutually exclusive, the NPV method should be applied.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Z\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"X\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Y\"\n      }\n    ],\n    \"answerCount\": 3\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/lYpi92G13U4?rel=0&#038;modestbranding=1&#038;playsinline=1\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  allowfullscreen>\n<\/iframe>\n\n\n\n<p>\u00a0<\/p>\n<p>The net present value (NPV) and the internal rate of return (IRR) are techniques that can both be used by financial institutions or individuals when making major investment decisions. Each method has its own strengths and weaknesses. However, the net present value method comes out on top, and here\u2019s why:<\/p>\n<p><!--more--><\/p>\n<p>When dealing with independent projects, both NPV and IRR will yield the same investment decisions. Independent, in this context means that the decision to invest in one project does not rule out or affect investment in another project.<\/p>\n<p>Even then, a challenge would arise when the projects are mutually exclusive. If two or more projects are mutually exclusive, the decision to invest in one project precludes investment in all the others. With such projects, the IRR method may provide misleading results if used in isolation.<\/p>\n<h2><strong>Shortcomings of IRR<\/strong><\/h2>\n<p>There are some problems associated with the IRR method:<\/p>\n<ul>\n<li>the method assumes that all proceeds from a project are immediately reinvested in projects offering a rate of return equal to the IRR \u2013 this is very difficult in practice;<\/li>\n<li>it gives different rankings when the projects under comparison have different scales; and<\/li>\n<li>sometimes, the method may not provide a unique solution, especially when a project has a mixture of positive and negative cash flows during its productive life.<\/li>\n<\/ul>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Suppose you have three independent projects \u2013 X, Y, and Z. Assume that the hurdle rate is 12% for all the three projects. Their NPVs and IRRs are as shown below.<\/p>\n<p>$$ \\begin{array}{|c|c|c|c|}<br \/>{} &amp; { \\textbf {Project X}} &amp; {\\textbf {Project Y}} &amp; {\\textbf {Project Z}} \\\\ \\hline<br \/>{\\text {NPV}} &amp; {$20,000} &amp; {$21,400} &amp; {$23,000} \\\\<br \/>{\\text {IRR} } &amp; {20\\%} &amp; {32\\%} &amp; {18\\%} \\\\<br \/>\\end{array} $$<\/p>\n<p>Assuming the projects are mutually exclusive, which of the following is the <em>most<\/em> economically feasible project?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">\u00a0Z<\/li>\n<li data-tadv-p=\"keep\">X<\/li>\n<li data-tadv-p=\"keep\">Y<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>$$ \\begin{array}{c|c|c|c}<br \/>{} &amp; { \\textbf {Project X}} &amp; {\\textbf {Project Y}} &amp; {\\textbf {Project Z}} \\\\ \\hline<br \/>{\\text {NPV}} &amp; {$20,000} &amp; {$21,400} &amp; {$23,000} \\\\<br \/>{\\text {IRR} } &amp; {20\\%} &amp; {32\\%} &amp; {18\\%} \\\\<br \/>{\\text {Decision}} &amp; {\\text{Accept}} &amp; {\\text{Accept}} &amp;{\\text{Accept}} \\\\<br \/>\\end{array} $$<\/p>\n<p>If the IRR criteria is used, all the three projects would be accepted because they would all increase shareholders\u2019 wealth. Their NPVs are all positive, and again, the three are all acceptable.<\/p>\n<p>However, if the projects are mutually exclusive, then only one project would be chosen. If one were to pick one project based on internal rates of return of the projects, then one would go for Y. This is because its IRR is the highest compared to the other projects.<\/p>\n<p>This decision would be wrong when we consider the sizes of the NPVs of the projects. While Y has the highest IRR, its NPV is lower than that of Z. The best decision would be to go for the project with the highest NPV, and that is project Z. Therefore, if projects are mutually exclusive, the NPV method should be applied.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance \u2013 Learning Sessions<\/em><\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0 The net present value (NPV) and the internal rate of return (IRR) are techniques that can both be used by financial institutions or individuals when making major investment decisions. Each method has its own strengths and weaknesses. However, the&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-103","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NPV vs. IRR: Comparison with Example | CFA Level 1<\/title>\n<meta name=\"description\" content=\"The IRR method has limitations in project evaluation, which the NPV approach addresses. 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