Question: Projects S and L both have the same initial cost and normal cash flows, and are mutually exclusive. They also have the same NPV when

Projects S and L both have the same initial cost and normal cash flows, and are mutually exclusive. They also have the same NPV when the discount rate is zero. However, project S's expected future cash flows come in faster than those of L. Which of the following statements is true? a. AT any discount rate greater than zero, L will have higher NPV b. AT any discount rate greater than zero, S will have higher NPV c. AT any discount rate greater than zero, L will have higher IRR d. AT any discount rate greater than zero, S will have higher PI

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