35-Which of the following statements is most correct?

a.

The IRR calculation implicitly assumes that all cash flows are reinvested at a rate of return equal to the cost of capital.

b.

If a projects internal rate of return (IRR) exceeds the cost of capital, then the projects net present value (NPV) must be positive.

c.

If Project A has a higher IRR than Project B, then Project A must also have a higher NPV.