Using capital rationing, which investment is least likely to be funded?

Group of answer choices

an investment with a cash payback period shorter than the required standard, with an internal rate of return higher than the required percent with important qualitative characteristics.

an investment with a cash payback period shorter than the required standard, with an internal rate of return lower than the required percent.

an investment with a cash payback period shorter than the required standard, with an internal rate of return higher than the required percent.

an investment with a cash payback period longer than the required standard, with an internal rate of return lower than the required percent.