In a strictly educational capacity, if the projected and required return are the same, then you accept the project. That is to say you accept projects with an NPV of Zero or greater.

In the real world, things get much more complicated. You might reject a project with a much higher IRR than required because of external factors that can't be done in the straight analysis, because your boss is in a bad mood, or you just got stung on something else that sounds similar.

--There are stupid questions, so think first.
 

Not sure about the size issue for an academic question (which is what I think OP is asking). If you can make a case that some of the assumptions may be a little too optimistic/pessimistic that can help push your decision one way or the other ("technically the NPV is 0 at the given lending rate but our associate is sleeping with an MD in the sponsors group so we may be able to get lower interest rates, so I would do it.")

 

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