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Tiger Inc. uses a risk-adjusted project cost of capital of 9% for below-average risk projects, 11% for average-risk projects, and 13% for above-average risk projects. Which of the following projects should Tiger accept, assuming that these projects are independent ?

	a.	Project A, which has below-average risk and an IRR = 8.5%.
	b.	Project B, which has above-average risk and an IRR = 12%.
	c.	Without information about the projects' NPVs we cannot determine which project(s) should be accepted.
	d.	All of these projects should be accepted.
	e.	Project C, which has average risk and an IRR = 11.5%.