Rearden Metals is considering opening a strip mining operation to provide some of the raw materials needed in producing Rearden metal. The initial purchase of the land and the associated costs of opening up mining operations will cost $100 million today. The mine is expected to generate $16 million worth of ore per year for the next 12 years. At the end of the 12th year Rearden will need to spend $20 million to restore the land to its original pristine nature appearance.

Which of the following statements is FALSE?

	A.	The IRR investment rule states you should turn down any investment opportunity where the IRR is less than the opportunity cost of capital.
	B.	The IRR investment rule states that you should take any investment opportunity where the IRR exceeds the opportunity cost of capital.
	C.	Since the IRR rule is based upon the rate at which the NPV equals zero, like the NPV decision rule, the IRR decision rule will always identify the correct investment decisions.
	D.	There are situations in which multiple IRRs exist.