单选题 If the calculated net present value (NPV) is negative, which of the following must be TRUE? The discount rate used is: A. equal to the internal rate of return (IRR). B. greater than the internal rate of return (IRR). C. less than the internal rate of return (IRR).

【正确答案】 B

【答案解析】When the NPV = 0, this means the discount rate used is equal to the IRR. If a discount rate is used that is higher than the IRR, the NPV will be negative. Conversely, if a discount rate is used that is lower than the IRR, the NPV will be positive.