If investment A has a payback period of 3 years and investment B has a payback period of 4 years, then:

Select one:

a. A has a higher net present value than B.

b. A has a lower net present value than B.

c. A and B have the same net present value.

d. the relation between investment A's net present value and investment B's net present value cannot be determined from the given information.