Why NPV is generally preferred over IRR when choosing among competing or mutually exclusive projects?

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Explain why the Net Present Value (NPV) of a relatively long-term project, defined as one for which a high percentage of its cash flows are expected in the distant future, is more sensitive to changes in the cost of capital than the NPV of a short-term project. Would changes in the cost of capital ever change the Internal rate of Return (IRR) ranking of two such projects?

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