Which of the following statements is CORRECT?

a. If Project A's IRR exceeds Project B's, then A must have the higher NPV.

b. A project's MIRR can never exceed its IRR.

c. If a project with normal cash flows has an IRR less than the WACC, the project must have a positive NPV.

d. If the NPV is negative, the IRR must also be negative.

e. If a project with normal cash flows has an IRR greater than the WACC, the project must also have a positive NPV.