Which of the following statements concerning capital project evaluation tools is correct?

Select one: a. The discounted payback method overcomes all the limitations of the payback method

b. A projects IRR is the rate of return that results in an NPV=0 for the project

c. The PI method is useful for evaluating mutually exclusive projects

d. Projects with high IRR values are rarely projects with positive net present values

e. A projects payback period provides a risk adjusted measure of project return