These last several months, the federal reserve has raised interest rates significantly. When the fed raises rates, all other interest rates used in the economy also rise. Discount rates firm use for their cash flows will also rise. This means that during the last several months.....

a) many capital investment projects have lower NPVs than they otherwise would have if interest rates were unchanged

b) many capital investment projects have longer payback periods

c) many capital investment projects have shorter payback periods

d) many capital investment projects have higher NPVs than they otherwise would have if interest rates were unchanged