Which of the following statement is true?

Select one:

a. A project which has a discounted payback period longer than its life also has a positive NPV.

b. If the internal rate of return (IRR) on a project is 15%, and the project is evaluated with a discount rate of 10%, then the profitability index will be negative.

c. Net Present Value (NPV) and internal rate of return (IRR) always generate the same investment decisions.

d. If the internal rate of return (IRR) on a project is 12%, and the project is evaluated with a discount rate of 10%, then the profitability index will be greater than 1.0.

e. The payback calculation considers the time value of money.