10. Texas LLP chooses projects using a two-step investment decision rule. First, all projects are screened by payback period. All projects that payback in more than 30 years are rejected. Second, projects that pay back in 30 years or less are evaluated for Net Present Value. The firm invests in any positive NPV project from the second step. Which of the following is true about this investment decision rule? (a) Since the payback period is very long, the time value of money does not factor into the investment decision. (b) With a long payback period, the firm will end up investing only in risky projects. (c) By combining the two rules, project risk is overemphasised in the deci- sion relative to the time value of money. (d) By combining the two rules, the time value of money is overemphasised in decision relative to project risk. (e) The firm may fail to maximise firm value