Explanation : For these projects, a discount rate of 15.09 percent would yield the same
NPV for both (an NPV of 11.03). The cross over point needs to be before the
lower IRR (21.79).
Note: The discount rate (crossover point) at which both the projects have the
same NPV is the IRR for the differences in cash flows of the projects. For
instance, in this case, it is CF0 = 0, CF1 = -22, CF2 = -22, CF3 = -22, CF4 =
88, CPT IRR. IRR = 15.09%.