For the following statements indicate whether they are True or False and justify your answer. You are expected to justify/provide proof for the True statements as well.

A. A longer payback period is preferred over a shorter payback period.

B. The PI equals 1 when NPV equals 0.

C. A project with conventional cash flows, i.e., inflows or positive cash flows, has a payback period less than its life. Then NPV is positive. Justify your answer.