单选题 An analyst gathers the following information about two mutually exclusive projects of a company:
Project 1 Project 2
Net present value $700000 $600000
Interest rate of return 12% 15%
If the cost of capital used is 10%, the most appropriate decision for the company is to accept:
A. Project 1 only.
B. Project 2 only.
C. both Project 1 and Project 2.

【正确答案】 A
【答案解析】[解析] 对于独立项目(independent project)，如果NPV＞0，就可以接受该项目；如果NPV＜0，就应该拒绝该项目。
对于互斥项目(mutually exclusive project)，应在NPV＞0的项目中选择NPV最大的项目。
当IRR与NPV对作决策有冲突时，以NPV为准。