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Discuss how IRR and NPV are related and describe the situations in which the NPV and IRR metrics can provide conflicting signal.

Discuss how IRR and NPV are related and describe the situations in which the NPV and IRR metrics can provide conflicting signal. If there is a conflicting signal, which one would you place more emphasis on and why? Would you ever use Payback (non-discounted method) as a method to choose one project over another in capital budgeting, if so, why?

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