Which of the following statements about capital budgeting techniques is false?

If each of the two independent projects under consideration has positive NPV, we should accept both projects.

When the first cash flow (year 0) is negative and the remaining cash flows are positive, we might have multiple IRRs.

IRR and NPV rules may give conflicting decisions if the two projects under consideration are mutually exclusive.

Payback period rule ignores the time value of money while discounted payback period rule does not