Which of the following statements is INCORRECT?

a.

Whenever IRR on a project equals its required rate of return, its NPV equals zero.

b.

If a project is acceptable using the NPV criterion, then it will also be acceptable using the discounted payback period since both methods use discounted cash flows to make the accept or reject decision.

c.

Profitability index provides an advantage over the NPV method by reporting the present value of the benefits per dollar invested.

d.

NPV of a project will increase as the required rate of return keep decreasing, assuming only one sign reversal.