Which of the following capital budgeting techniques employ some sort of arbitrary value against which the project measurement must be compared when determining whether to accept or reject a project?

I. Net present value

II. Average accounting return

III. Profitability index

IV. Discounted payback

A) II and IV only

B) II, III, and IV only

C) I and II only

D) I, II, and IV only

E) I, III, and IV only