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

a.

Both projects have a positive net present value (NPV).

b.

Project A must have a higher NPV than project B.

c.

If the required return were less than 12 percent, Project B would have a higher IRR than Project A.

d.

Project B has a higher profitability index than Project A.