Which of the following statements is FALSE concerning the internal rate of return?

a. For projects where the cashflow payments change sign, there can be more than one internal rate of return

b. The internal rate of return is the discount rate that sets the net present value of all of the cashflows to be received equal to the assets purchase price

c. In order to calculate an internal rate of return, all of the incoming cashflows must be identical

d. We cannot calculate a different internal rate of return for each cashflow