Which one of the following statements is incorrect?

When the internal rate of return is greater than the required return, the net present value is positive.

If the IRR exceeds the required return, the profitability index will be more than 1.0.

Projects with conventional cash flows have multiple internal rates of return.

If two projects are mutually exclusive, you should select the project with the highest net present value.

The profitability index will be greater than 1.0 when the net present value is positive.