Which of the following statements is CORRECT?

a. If two projects are mutually exclusive, then they are likely to have multiple IRRs.

b. If a project is independent, then it cannot have multiple IRRs.

c. Multiple IRRs can occur only if the signs of the cash flows change only once.

d. If a project has two IRRs, then the smaller one is the one that is most relevant, and it should be accepted and relied upon.

e. When a project has more than one IRR, then it's unclear which IRR we should use to compare to WACC to come up with an investment decision rule.