D 9. Which of the following calculations ignores the impact of the time value of money? I. Payback II. IRR III. Profitability index a. I only b. II only c. III only d. I and III only) O 10. Project selection ambiguity can arise if one relies on IRR instead of NPV when: a. The first cash flow is negative and the remaining cash flows are positive. b. A project has more than one NPV. The profitability index is greater than one