单选题 An analyst does capital budgeting about two independent projects.

Project	Net Present Value	Internal Rate of Return
1	$150	18%
2	$200	15%

If the investor's required rate of return is 12%, which project should most likely be accepted?
A. Project 1.
B. Project 2.
C. Projectl and Project 2.

【正确答案】 C

【答案解析】[解析] 对于单个项目，根据NPV和IRR会得出相同的决策。对于相互独立项目(independent projects)，只要NPV＞0，就可以接受该项目；但如果NPV＜0，就应该拒绝该项目。对于互斥的项目(mutually exclusive projects)，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，因为NPV越大，越能增加股东的权益。