Which of the following are TRUE? 1. In a preference decision, managers decide which projects will receive funds by rank ordering them based on selected criteria. II. The original purchase price of the old machine being replaced should be included in the decision when purchasing a new capital asset. III. Working capital release is a form of cash inflow in Year Oin a capital budgeting decision. IV. The discount rate and present value are inversely related LILIV LIV Which of the following are TRUE? The internal rate of return always equals the discount rate when NPV equals 0. The simple rate of return ignores net operating income The payback period considers cash flow over the entire life of the project. All of the answer choices are true