The NPV Rule Is Preferred to the Payback Period as a Project

The NPV rule is preferred to the payback period as a project evaluation criterion because the payback period rule ignores the impact of:

A) III only
B) I and II only
C) I and III only
D) II and III only
I.the initial cost
II.the timing of cash flows prior to the payback period
III.any cash flows beyond the payback period