Suppose a firm evaluates four independent investments using only capital budgeting techniques that consider the time value of money. Which of the following statemets is correct?

a. The company should purchase the one project that has the highest internal rate of return (IRR).

b. The company should purchase the project that has the shortest traditional payback period (PB).

c. The capital budgeting techniques used by the company will always agree on which project should be ranked as the best one to purchase.

d. All of the capital budgeting techniques the company uses should provide the same accept/reject decisions

e. The company should purchase the one project that has the highest net present value (NPV); the other projects should not be purchased, even if their NPVs are positive