Aproject has a required return of 12% and a 6-year life. Which of the following statement(s) is(are) correct?

a.When the project's IRR is greater than 12%, NPV will be greater than zero

b.When the project's IRR is less than 12%, NPV will be less than zero

c.When the present value of future cash flows equals the initial investment amount, NPV equals zero

d.All of the above statements are correct