Which of the following statements is CORRECT?

*One defect of the IRR method is that it does not take account of the time value of money.

*One defect of the IRR method is that it does not take account of the cost of capital.

*One defect of the IRR method is that it values a dollar received today the same as a dollar that will not be received until sometime in the future.

*One defect of the IRR method is that it assumes that the cash flows to be received from a project can be reinvested at the IRR itself, and that assumption is often not valid.

*One defect of the IRR method is that it does not take account of cash flows over a project's full life.