Barlett Co. has two divisions. Its risky division, Division R, has a WACC = 12%, while its safer division, Division S, has a WACC = 8%. Since the two divisions are the same size, the company's composite WACC is 10%. A typical Division S project has a 9% expected return. Since the project's return exceeds the division's WACC, the company should accept the project even though its return is less than the company's composite WACC.

True or false?