Which of the following is incorrect regarding bonds?

A) Bonds typically pay coupons semi-annually.

B) Bonds can be bought or sold at par, at a premium, or at a discount.

C) Bonds generally have a higher rate of returns than stocks.

D) Bonds frequently have a par value equal to $1000.

E) Bonds are generally less risky than stocks.

Under which condition are you most likely to NOT use NPV analysis?

A) When evaluating projects with inflows occuring before outflows.

B) When the discount rate is hard to determine.

C) When cash flows alternate sign frequently.

D) When comparing projects of highly different scale.

E) None of the above.