If a firm uses the discounted payback rule to make their capital budgeting decisions, which might happen? (Indicate your multiple choice answer and explain your answer)

a. Positive NPV projects might be rejected.

b. More liquid projects will be turned down for less liquid projects.

c. Project decisions will be wrong due to ignoring the time value of money.

d. The firm will become more focused on long-term projects.

e. The firm might take on projects that would be rejected by the payback rule.