Which of the following statements is FALSE?

A$.$ The internal rate of return is defined as the discount rate which results in a zero net

present value for the project.

B$.$ The primary advantage to payback analysis is that it biases companies to invest in long$-$

term projects that require large current expenditures on research and development.

C$.$ The average accounting return ignores cash flows is most similar to computing the return

on assets $($ROA$).$

D$.$ The profitability index reflects the value created per dollar invested.