Which of the following statements is CORRECT? Assume that the project being considered has normal cash flows, with one outflow followed by a series of inflows.

a$.$

If a project has normal cash flows and its IRR exceeds its WACC, then the project's NPV must be positive.

b$.$

The IRR calculation implicitly assumes that all cash flows are reinvested at the WACC.

c$.$

If Project A has a higher IRR than Project B$,$ then Project A must also have a higher NPV$.$

d$.$

The IRR calculation implicitly assumes that cash flows are withdrawn from the business rather than being reinvested in the business.

e$.$

If Project A has a higher IRR than Project B$,$ then Project A must have the lower NPV$.$