The NPV Investment Decision Rule Is Applicable Even in the Case

The NPV investment decision rule is applicable even in the case of a real option, such as a real estate development investment decision, because:

A) The NPV rule states that any investment with a positive NPV should be undertaken.
B) The real options nature of development enables a negative NPV investment to be rational.
C) The NPV rule will insure that a development project that presents a higher IRR will be chosen over one that presents a lower IRR.
D) The NPV rule requires making the decision that maximizes the NPV over all mutually exclusive alternatives, and building today versus waiting are mutually exclusive alternatives on a given piece of land.