Your selection committee is trying to decide between two projects. Funds exist to undertake only one of the projects. You know that all of the following are true except:

Select one:

A$.$ IRR is the discount rate when NPV equals zero.

B$.$ The discounted cash flow technique evaluates the cash inflows for each period and compares this to the initial investment.

C$.$ Payback period is the least precise of all the cash flow calculations used to select projects.

D$.$ Project selection methods are a tool and technique of the Initiation process.