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

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

c. The IRR calculation implicitly assumes that cash flows are withdrawn from the business rather than being reinvested in the business.

d. If a project has normal cash flows and its IRR exceeds its Hurdle Rate, then the projects NPV must be positive.