Which of the following statements is correct?
a. One defect of the IRR method is that it values a dollar received today the same as a dollar that will not be received until sometime in the future.
b. One defect of the IRR method is that it does not consider the time value of money.
c. The IRR method consistently undervalues future cash flows.
d. The IRR method is only suitable for short-term investment evaluations.
