Question 19 1 pts Afirm is evaluating independent project M with an IRR of 38%. The firm's WACC on all projects is 12%. Which of the following statements is true? 1. The NPV on project M must be negative. II. The IRR on project Massumes reinvestment of cash inflows at 38%. III. The MIRR on project Massumes reinvestment of cash inflows at 12%. II and III I, II, and Ill I and II I only