A project requires a \(\$ 2,000,000\) investment and has an internal rate of return of 20 percent. The cost of capital is only 15 percent. A manager with a shortrun orientation may still reject this investment if:

a. The net present value is positive

b. The rate of inflation is high

c. The accounting rate of return is high

d. Accelerated depreciation leads to reported losses in the early years of the investment's useful life