Which of the following is generally accurate when evaluating a project?

I- when the project and VP is less than zero usually implies that the IRR of the project exceeds the opportunity cost of capital

II- when a project has multiple cash inflows and outflows over the life of the project this could lead to the project having multiple IRRs

III-NPV is the preferred methodology over IRR when evaluating projects with different lives

a. I & III are correct

b. I & II are correct

c. Only I is correct

d. II & III are correct

e. Only II is correct