Which one of the following statements is correct? A. A longer payback period is preferred over a shorter payback period. B. The payback rule states that you should accept a project if the payback period is less than one year. C. The payback rule ignores the time value of money. D. The payback rule is biased in favor of long-term projects. E. The payback rule considers the timing and amount of all of a project's cash flows. 1) Explain why C. is the correct answer. 2) Explain why E. is not the correct answer. ^^^^ Thank you