3. In the big picture of corporate finance, the first big piece is the investment decision. Which of the following best characterizes that decision?

a. Firms should take investments that make them more profitable

b. Firms should take investments that generate the most cash flows

c. Firms should take investments that earn the highest returns

d. Firms should take investments that earn returns greater than the risk free rate

e. Firms should take investments that earn returns greater than the risk adjusted hurdle rate