Which of the following statements is FALSE?

Group of answer choices

The payback rule is useful in cases where the cost of making an incorrect decision might not be large enough to justify the time required for calculating the NPV.

The payback rule is reliable because it considers the time value of money and depends on the cost of capital.

For most investment opportunities, expenses occur initially and cash is received later.

Fifty percent of firms surveyed reported using the payback rule for making decisions.