Which of the following statements related to the internal rate of return (IRR) are correct?

I. The IRR is the discount rate at which an investment's NPV equals zero.

II. An investment should be undertaken if the discount rate exceeds the IRR.

III. The IRR tends to be used more than net present value simply because its results are easier to comprehend and communicate.

IV. The IRR is not the best tool available for deciding between mutually exclusive investments.

A). I, III and IV only

B). II and IV only

C). II and IV only

D). I and III only