You have been given the following data about a typical independent project that has some level of risk, requires a cash outflow in year 0, and provides a set of positive cash inflows over the remaining years of its life:

IRR = 11.4%

Profitability index = 1.03

NPV = $437

Payback period = 3.1 years

Which of the following statement(s) can be correctly inferred from the information above:

I. The discount rate that was used in computing the NPV was less than 11.4%.

II. The discounted payback period is more than 2.5 years.

III. The discount rate used to calculate the profitability index was equal to the internal rate of return.

a) I only b) II only c) III only d) I and II only e) I and III only