Which of the following statements is false?

A. The internal rate of return (IRR) can be positive even if the net present value (NPV) is negative.

B. The net present value (NPV) will be positive if the internal rate of return (IRR) is less than the cost of capital.

C. The payback (discounted payback) period is the number of years required to recover the original cost of the project.

D. Mutually exclusive projects can be ranked based on their net present values (NPVs).