When comparing two mutually exclusive projects, which ONE of the following would be an invalid criteria to use to choose one project over the other?

• A.

  The project with a higher profitability index is preferred.

• B.

  The project with a higher net present value with infinitely replicated cash flows is preferred.

• C.

  The project with a higher discounted payback period is preferred.

• D.

  The project with a higher net present value is preferred.

• E.

  The project with a higher modified internal rate of return is preferred.