The preferred project in this case depends on the discount rate, not the IRR.

该例中，我们倾向选择哪个项目取决于贴现率，而不是内部收益率。

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In order to calculate intrinsic value, you take those cash flows that you expect to be generated and you discount them back to their present value - in our case, at the long-term Treasury rate.

为了计算内在价值，你需要把预期产生的现金流折现为现值——我们用的是长期国债收益率。

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