When evaluating projects, we have these analytical tools: Net present value (NPV), Profitability index (PI), Internal Rate of Return (IRR). Which of the following statement is true

1. Small, high-growth companies and private businesses are much more likely to use NPV than IRR.
2. A firm should always accept a project as long as the project generate positive NPV
3. A large and mature firm who can get easy access to capital markets to raise money is much more likely to use NPV than IRR
4. The PI rule assumes that intermediate cash flows on the project get reinvested at the internal rate of return.