Tesar Chemicals is considering Projects S and L,whose cash flows are shown below.These projects are mutually exclusive,equally risky,and not repeatable.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:
Free Trade
A policy regime in which governments do not restrict imports from, or exports to, other countries through tariffs, quotas, or other trade barriers.
United States
A country in North America known for its significant influence in global economics, politics, and culture.
Price Of Apples
The cost at which apples are sold, influenced by factors such as seasonality, supply, and demand in the market.
Black Market
A market in which illegal trading takes place at market-determined prices.
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