34. Which of the following statements related to the internal rate of return (IRR) is/are not correct?

I. The IRR method of analysis does not work well for projects with non-conventional cash flows. II. The IRR that causes the net present value of the differences between two project's cash flows to equal zero is called the discount rate. III. The IRR tends to be used more than net present value simply because it does not consider the time value of money. IV. Both the timing and the amount of a project's cash flows do not affect the value of the project's IRR.

II, III and IV only

I, II, III and IV

III and IV only

I, II, and III only

I, III and IV only