Which of the following is not true regarding the internal rate of return?
  a.  The IRR is the interest rate that sets the present value of a project’s cash inflows equal to the present value of the project’s cost.
  b.  The IRR is the interest rate that sets the NPV equal to zero.
  c.  The IRR is the most reliable of the capital budgeting methods.
  d.  If the IRR is greater than the required rate of return, then the project is acceptable.
  e.  The popularity of IRR may be attributable to the fact that it is a rate of return, a concept that is comfortably used by managers.