Consider a BORROWING capital budgeting project. Which of the following would indicate that the project's profitability index is less than one?
a. The present value of the benefits is less than the present value of the costs
b. The present value of the benefits is greater than the present value of the costs
c. The project has a very short payback period
d. The project's IRR is less than the required rate of return
e. The present value of the benefits is equal to the present value of the costs