Lancaster Corp. is considering two equally risky, mutually exclusive projects, both of which have normal cash flows. Project A has an IRR of 11%, while Project B's IRR is 14%. When the cost of capital is 8%, the projects have the same NPV. Given this information, which of the following statements is CORRECT?

a. If the cost of capital is greater than 14%, Project A's IRR will exceed Project B's.

b. If the cost of capital is 6%, Project B's NPV will be higher than Project A's.

c. If the cost of capital is 13%, Project A's NPV will be higher than Project B's.

d. If the cost of capital is 9%, Project A's NPV will be higher than Project B's.

e. If the cost of capital is 9%, Project B's NPV will be higher than Project A's.