Choose the answer below that is INCORRECT about independent capital budgeting projects.

a. All independent projects with NPV>0 should be accepted if the capital budget allows.

b. Independent projects perform different functions

c. The IRR rule may be correctly used to choose from independent projects.

d. Only the independent project with the highest NPV should be accepted, all others rejected.

Whitney Crane Inc. has the following independent investment opportunities for the coming year. Their WACC is 10%

Project	Cost	Annual Cash Flow	Life (years)	MIRR
A	-10000	$11,800	1	18%
B	-5000	$3,075	2	14%
C	-12000	$5,796	3
D	-3000	$1,009	4	12%

The MIRR (Modified Internal Rate of Return) for Project C is:

	a.	21%
	b.	18%
	c.	17%
	d.	14%
	e.	12%