A negative net present value indicates that the Select one: a. present value of the cash inflows was less than the present value of the cash out flows O b. project's annual rate of return exceeds the discount rate Oc. project is acceptable Od. wrong discount rate was used When calculating the annual rate of return, the average investment is equal to Select one: O a. (initial investment plus $0) divided by 2 Ob. initial investment divided by life of project O c. initial investment divided by 2 O d. (initial investment plus salvage value) divided by 2