Suppose a company uses a WACC of 8% for below-risk projects, 10% for average-risk projects, and 12% for above-risk projects. Which of the following independent projects should the company accept? Assume the company uses NPV as its primary accept/reject criteria and that all projects have conventional cash flows.

	a.	Without information about the projects' NPVs, we cannot determine which projects should be accepted.
	b.	Project A, which has average risk and an IRR = 9%.
	c.	All of the projects should be accepted as they would produce a positive NPV.
	d.	Project C, which has above-average risk and an IRR = 11%.
	e.	Project B, which has below-average risk and an IRR = 8.5%.