Concerning payback, which of the following statements is true?

a) Payback is no longer used since it ignores the time value of money.

b) Payback can only be used on simple projects since it cannot deal with cash flow.

c) Payback period varies inversely with the benefit-cost ratio: the shorter the payback period, the higher the benefit-cost.

d) Payback is only used for capital intensive projects.