Intuitive Definition of IRR
Can someone please give me an intuitive definition of IRR?
I know that it's the discount rate used to find the break-even point on a project, or the discount rate used to get an NPV of 0. However, what I'm having a hard time grasping is why you choose the project with the higher IRR?
If it's the rate required to break-even, wouldn't you want it to be as low as possible, so that profitability would be easier?
Thanks in advance.