IRR is unreliable as an indicator of whether or not an investment should be accepted given which one of the following?

• A. The cash flows are conventional.

• B. One of the time periods within the investment period has a cash flow equal to zero.

• C. The initial cash flow is negative.

• D. The investment is mutually exclusive with another investment of a different size.

• E. The investment has cash inflows that occur after the required payback period .