Which one of the following statements is correct?

A longer payback period is preferred over a shorter payback period.h flows.

The payback rule states that you should accept a project if the payback period is less than one year

The payback period ignores the time value of money.

The payback rule is biased in favor of long$-$term projects.

The payback period considers the timing and amount of all of a project's cash flows.