Projects S and L both have normal cash flows, and the projects have the same risk, hence both are evaluated with the same WACC, 10%. However, S has a higher IRR than L. Which of the following statements is CORRECT?

a. If Projects S and L have the same NPV at the current WACC, 10%, then Project L, the one with the lower IRR, would have a higher NPV if the WACC used to evaluate the projects declined.

b. If the WACC increases, each project's IRR will decrease.

c. If the WACC falls, each project's IRR will increase.

d. If Project S has a positive NPV, Project L must also have a positive NPV.

e. Project S must have a higher NPV than Project L.