Fritz Walther, the CEO of Carl Walther Sportwaffen GmbH, is choosing between two mutually exclusive projects: 1) the Walther PBJ; and 2) the Walther PPK. Both projects involve an investment of $100,000. The operating cash flows for each project are shown in the table. The opportunity cost of capital is 10%. The PBJ project has an IRR of 11.65% and the PPK project has an IRR of 12.27%. Which project should Fritz choose (and why)?
| Year | PBJ | PPK |
| 0 | -100,000 | -100,000 |
| 1 | 40,000 | 90,000 |
| 2 | 80,000 | 25,000 |
◦ Choose the PPK project because its IRR is greater.
◦ Choose the PPK because its NPV is higher.
◦ Choose the PBJ because its NPV is higher.
◦ Choose the PPK because it generates more operating cash flows.
◦ Choose either because they both have the same NPV.
Carl Linnaeus
Otto Fritz Meyerhof
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