Which of the following statements about net present value (NPV) are correct? 1. The NPV increases as the required rate of return increases. II. The NPV cannot be applied to mutually exclusive projects. III. The NPV is positive, when the required return exceeds the internal rate of return. IV. The NPV ignores cash flows that are distant in the future. None of the statements is correct. I and IV only O II, III, and IV only O I and II only O ll only