Assume you are a business owner considering whether to engage in a major expansion project. Your firms weighted average cost of capital is 14%, the cost of equity is 24%, the cost of debt is 6% and you intend to use debt for this project. Which one of the following statements is true?

Group of answer choices

24% should be the rate that the IRR of the project must exceed to be accepted

6% should be the rate that the IRR of the project must exceed to be accepted

14% should be the rate that the IRR of the project must exceed to be accepted