3.

Which of the following can cause a project to have multiple IRRs?

	a.	A ten-year project has a negative cash flow in the last year of the project's life.
	b.	The project has a large initial outlay.
	c.	With mutually exclusive investments.
	d.	Whenever project cash flows are conventional.
	e.	A project has negative cash flows in the first three years, but positive cash flows thereafter.