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Answer (A) is correct . The internal rate of return (IRR) is the discount rate at which the present value of the cash inflows equals the present values of the cash outflows (including the original investment). Thus, the NPV of the project is zero at the IRR. The IRR is also the maximum borrowing cost the firm can afford to pay for a specific project. The IRR is similar to the yield rate/effective rate quoted in the business media.

Answer (B) is incorrect because The capital asset pricing model is a means of determining the cost of capital.
Answer (C) is incorrect because The profitability index is not an interest rate.
Answer (D) is incorrect because The accounting rate of return is not based on present values.