When using NPV and IRR to evaluate projects for investment, each of the following statements is true except:

a) IRR always reaches the same decision as NPV when the initial investment outlays of an independent project are followed by a series of cash inflows.

b) When an independent project always has a positive NPV, IRR cannot be calculated. c) An independent project that has initial cash inflows followed by a series of cash outflows should always be accepted when the projects IRR is lower than the discount rate. d) An independent project with two IRRs should always be accepted when the projects discount rate is between the two IRRs.

e) IRR, Payback Period, and Profitability Index may mislead when used for mutually exclusive projects, while NPV will always lead to selecting the correct project.