Current Design Co.is considering two mutually exclusive,equally risky,and not repeatable projects,S and L.Their cash flows are shown below.The CEO believes the IRR is the best selection criterion,while the CFO advocates the NPV.If the decision is made by choosing the project with the higher IRR rather than the one with the higher NPV,how much,if any,value will be forgone,i.e.,what's the chosen NPV versus the maximum possible NPV? Note that (1) "true value" is measured by NPV,and (2) under some conditions the choice of IRR vs.NPV will have no effect on the value gained or lost. 
Definitions:
Toxicity
The degree to which a substance can cause harm to an organism, ranging from mild irritation to lethal effects.
Clinical Equipoise
The ethical principle in clinical research that requires genuine uncertainty within the expert medical community regarding the comparative therapeutic merits of each arm in a trial.
Treatment Options
Various medical interventions available for diagnosing, managing, or curing diseases or injuries.
Speciesism
The assumption of human superiority leading to the exploitation of animals, based on the belief that all and only human beings have intrinsic value.
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