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Which of the following are true of the internal rate of return $($IRR$)$ of a firm's project?

Note: NPV $=$ Net present value

Multiple select question.

It must be calculated using the trial$-$and$-$error method, substituting progressively higher interest rates into the NPV equation until the NPV is driven down to zero.

The IRR method discriminates heavily against long$-$term or risky projects.

The IRR method accurately captures the strategic importance of the investment decision.

It is normally calculated by subtracting the project's discounted cash inflows from its discounted cash outflows.