Which of the following statements is CORRECT? One defect of the internal rate of return (IRR) method is that it: Select one:

a. 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.

b. does not take account of the time value of money

c. values a dollar received today the same as a dollar that will not be received until sometime in the future.

d. does not take account of cash flows over a project's full life.