Which of the following is NOT correct?

		The IRR is the discount rate that equates the present value of the projects future net cash flows with the projects initial cost of investment.
		The size of capital investments and the difficulty in reversing them once they are made make capitalbudgeting decisions very important to the firm.
		If NPV is negative, then the projects initial cost of investment is less than the present values of projected cash inflows generated by the project.
		If a project has NPV=0, then the project generates exactly enough cash flows to recover the initial cost of the investment, and enable company to pay back the cost of borrowing capital.
		If a project's IRR is greater than WACC, the project can generate a return that is higher than the average cost of borrowing capital.