21. Which method of evaluating capital projects assumes that cash inflows can be immediately reinvested in new projects at the internal rate of return? a. internal rate of return b. payback period c. net present value d. accounting rate of return 23. If a project's profitability index is less than 1 , the project's 9 a. Internal rate of return rate is greater than the hurdle rate. b. Internal rate of return is less than zero. c. Net present value is positive. d. Net present value is negative