Which of the following statements is correct?

A) When comparing two mutually exclusive investment alternatives with unequal lives, decisions must be based on projects' IRR alone.

B) The equivalent annual benefit calculations assume that project cash flows would not be repeated once the project assets once they reach their useful life.

C) When using the payback period when comparing mutually exclusive projects, the project with the longest payback period must be selected.

D) Although it's scale insensitive, the benefit cost ratio can be a useful tool when ranking projects under capital rationing.