Question 1 [30 Marks] 3) The Managing Director of Telecom has been presented with the details of three potential investment projects. He has very little experience of project appraisal and has asked you for help. The project details are given below: Project A Project B Project C Net Present Value N$`50 000 N5180 000 N$180 000 Internal Rate of Return 12% 12% 10% The three projects will require the same level of initial investment. The projects are mutually exclusive and therefore the Managing Director can only choose one of them. Required: Explain why the net present value and the internal rate of return may at times give conflicting results.