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。
For project 4, the signs of the cash flows are + - +. Because the signs of the cash flows change twice, a unique IRR is not guaranteed in this case either.
对于项目4现金流的符号是+- +.由于现金流的符号变化了2次这里唯一的IRR也是不确定的。
For project 3, the signs of the cash flows are - + - +. Because the sign of the cash flows changes three times, a unique IRR is not guaranteed.
对于项目3现金流的符号是- + - +.由于现金流的符号变化了3次唯一的IRR是不确定的。
Not surprising – but whatever the reason, or the fund manager's judgment, the IRR is a poor guide to the investor.
这并不奇怪，但无论出于何种理由，也不管基金经理的判断如何，对于投资者而言，内部回报率都是一个差劲的指标。
How would you use the IRR to decide whether to take this project or not?
你会如何使用的回报率，以决定是否采取这一项目或不？
How would you use the IRR to decide whether to take this project or not?
你会如何使用的回报率，以决定是否采取这一项目或不？
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