b. Is it logical to assume that the firm would take on all available independent, average-risk projects with returns greater than 11.5\%? If all available projects with returns greater than 11.5% have been undertaken, does this mean that cash flows from past investments have an opportunity cost of only 11.5%, because all the company can do with these cash flows is to replace money that has a cost of 11.5% Does this imply that the WACC is the correct reinvestment rate assumption for a project's cash flows