Which of the following statements is FALSE?

A.

An internal rate of return (IRR) will always exist for an investment opportunity.

B.

A net present value (NPV) will always exist for an investment opportunity.

C.

In general, there can be as many internal rates of return (IRRs) as the number of times the project's cash flows change sign over time.

D.

The payback investment rule is based on the notion that an opportunity that pays back its initial investments quickly is a good idea.