Which of the following statements is true?

a) The IRR method ignores the time value of money.

b) The hurdle rate used with the IRR method is determined subjectively and therefore is arbitrary.

c) Many managers have difficulty comprehending the rate of return answer determined by the IRR method.

d) Multiple IRRs can result for some projects which can lead to a difficulty for the IRR method.

e) Both (b) and (d) are true