单选题 Which of the following projects would have multiple internal rates of return (IRRs)? The cost of capital for all projects is 9.75 percent.
Cash Flows
Blackjack
Roulette
Keno
T0
-10000
-12000
-8000
T1
10000
7000
4000
T2
15000
2000
0
T3
-10000
2000
6000
  • A. Projects Roulette and Keno.
  • B. Project Blackjack only.
  • C. Project Keno only.
【正确答案】 B
【答案解析】The multiple IRR problem occurs if a project has non-normal cash flows, that is, the sign of the net cash flows changes from negative to positive to negative, or vice versa. For the exam, a shortcut to look for is the project cash flows changing signs more than once. Only Project Blackjack has this cash flow pattern. The net cash flow in T2 for Project Keno and likely negative net present value (NPV) for Project Roulette would not necessarily result in multiple IRRs.