Consider a project with conventional, investment-type cash flows. If a project has a profitability index less than 1, which of the following must be true of the project? 1. Its NPV is greater than 0 II. Its NPV is less than 0 III. Its IRR is less than its required return IV. Its IRR is greater than its required return I and IV only O II and IV only O II and III only O We need more information to assess the project's NPV and IRR. O I and III only