Which of the following statements are more accurate?

a$)$ The higher the expected inflation, the higher the return required by investors.

b$)$ IRR is an annualised percentage return expected for the duration of the project.

c$)$ When calculating the NPV of a project, wear and tear should be deducted from cash profits to arrive at the net annual cash flows.

d$)$ A project that yields a negative NPV must always be rejected.

e$)$ IRR is the cost of capital where the NPV of a project is zero.

Choose the CORRECT combination:

Options $($b$),($d$)$ and $($e$)$

Options $($d$)$ and $($e$)$

Options $($a$),($b$),($c$)$ and $($d$)$

Options $($a$),($b$)$ and $($e$)$