IRR (Brealey , 2002 . Internal Rate of Return (IRR . IRR is defined as the discount rate at which the NPV equals zero . Used properly , the IRR will give the same result as the NPV for independent projects and for projects with normal cash flows . As long as the cost of capital is less than the IRR , the NPV for the project will be positive . IRR can rank projects incorrectly , and the rankings may be changed by the packaging of the projects...











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