Consider a project where the initial cash flow is negative and where all subsequent cash flows are positive. For this project, what must be true if the project's internal rate of return, or IRR, is less than the required rate of return?

	A.	The NPV cannot be defined
	B.	The NPV is less than the required rate of return
	C.	The NPV is greater than zero
	D.	The NPV is less than zero
	E.	The NPV is equal to zero