The weighted average cost of capital (WACC) is used in the capital budgeting project evaluation process either as the ___ used in the calculation of a project's net present value (NPV) or the ___ against which a project's internal rate of return (IRR) is compared. In general, there is ___ relationship between a firm's risk level and its WACC. True or False: Although firms tend to raise their capital in large, lumpy amounts, their WACC and the capital investment that they are evaluating assume that the project will be financed with the same proportion of funds contained in their target capital structure. True False True or False: The weighted average cost of capital represents the maximum return that a firm should earn on new investments exhibiting the firm's average risk level. False True