3. Which of the following statements is CORRECT? O a. The effective annual annuity (EAA) approach and replacement chain approach will give the same decision regarding mutually exclusive projects. O b. The NPV of projects that have most of their cash flows early in the life of the project is more sensitive to changes in the discount rate than the NPV of projects with most of their cash flows late in the life of the project. O c. In deciding which of two mutually exclusive projects to accept the profitability index will always give the same decision as the NPV. O d. None of the above is correct