When comparing NPV and IRR as decision tools, which of the following statements is incorrect?

• a.When a project has a zero NPV, its IRR is also 0.

• b.IRR can have multiple solutions, NPV only has one solution, always

• c.Payback is an often-used decision criterion even though it lacks analytical foundation. Specifically, there is no economic reasoning for choosing the correct cut off period.

• d.When deciding between mutually exclusive projects, NPV is the better criteria than IRR

• e.When IRR = Discount Rate, your NPV = 0