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Projects can have multiple internal rates of return due to:
Society
A community of people living together in an ordered community, sharing customs, laws, and organization.
Mandated Boundaries
Limits or restrictions imposed by legal or regulatory authorities that dictate acceptable behavior or activity.
Legal System
The comprehensive set of rules and principles, institutions, and processes established by a government or society to enforce laws, provide justice, and regulate conduct within a country or community.
Conduct
How an individual acts, particularly in a professional or public setting.
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