Project A has an internal rate of return (IRR) of 15 percent. Project B has an IRR of 14 percent. Both projects have normal cash flow and a cost of capital of 12 percent. Which of the following statements is most correct?

Select one: a. Both projects have a positive net present value (NPV). b. Project A must have a higher NPV than Project B. c. If the cost of capital were less than 12 percent, Project B would have a higher IRR than Project A. d. Statements A and C are correct. e. Statements A, B, and C are correct.