When the net present value (NPV) of a project is calculated based on the assumption that the after-tax cash inflows occur at the end of the year when they actually occur uniformly throughout each year, the NPV will:

A) Not be in error. B) Be slightly overstated. C) Be unusable for actual decision-making. D) Be slightly understated but probably usable. E) Produce an error the direction of which is undeterminable.