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There are mutually exclusive investments because only one of the alternatives proposed will be built.
When evaluating mutually exclusive investments or comparing any two or more investments to determine the better or best among the alternatives, the traditional NPV and IRR evaluation methods are up to the task, but they must be applied incrementally.
The basic premise behind the incremental analysis is that, when one is selecting between two mutually exclusive investments (e.g., B and D), the mutually exclusive project involving the larger initial outlay (D) can be evaluated as if it were a package of two separate projects.

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