Okay, so we're given two investments and we're gonna appraise them using IRR and NPV. So I'm gonna say equals IR and have Excel use its function to calculate the IRR of the first investment. 9.3%. Let's use the NPV function to do a similar assessment. Looking for a discount rate, we're gonna take 8%. Um, and then we're gonna grab all of the cash flows, not of course, including the year zero cash flow. We're gonna add that on separately. And I've got an NP of 7.7, that's our benchmark. Effectively. Let's go down to investment two, which is a short term real estate flip. So again, similarly we're gonna go and calculate the IRR of that investment, and that seems pretty attractive. I've got 9.8%. Let's calculate the NPV again using Excel's NPV function. I'm gonna give it, um, an 8% discount rate and then we're gonna go and grab the cash flow starting in year one and add on the year zero cash outflow, we've got 3.2%. So the point here is that if you look at the IRR, then certainly investment two looks more attractive. It's a higher RRR, but the problem you have is that it's only a two year investment. So what would you do for the remainder of your investment period for years 3, 4, 5, 6, and seven? Now, the presumption, if you were simply using the IRR, is that you'd be able to find another investment that would generate that 9.8% return, but in reality, that's probably unlikely. Maybe a good sort of base level reinvestment rate would be 8%. So perhaps in investing in investment two and generating 9.8% for the first two years, and then worst case scenario 8% from for the remaining years up to year seven is less attractive. The conclusion here is that actually the IRR is not great investment appraisal technique. We could instead look at the NPV, which assumes that you reinvest your cash flows for both projects at the 8% cost of financing.