A project has a projected IRR of negative 100 percent. Which one of the following statements must also be true concerning this project?

a. The discounted payback period equals the life of the project.

b. The operating cash flow is positive and equal to the depreciation.

c. The net present value of the project is negative and equal to the initial investment.

d. The payback period is exactly equal to the life of the project.

e. The net present value of the project is equal to zero.