If a project has an internal rate of return of 25% and a negative net present value, which of the following statements is true regarding the discount rate used for the net present value computation?

The required rate of return must have been 0%.

The required rate of return must have been equal to 25%.

The required rate of return must have been less than 25%.

The required rate of return must have been greater than 25%

None of the answer choices is correct.