Which of the following statements is CORRECT?

There is no necessary relationship between a project's IRR, its WACC, and its NPV$.$

If an independent project with normal cash flows has the IRR equal to its WACC, then the project's NPV must be positive.

If an independent project with normal cash flows has the IRR equal to its WACC, then the project's NPV must be negative.

When evaluating mutually exclusive projects, those projects with a higher IRR always have a higher NPV$.$

If an independent project with normal cash flows has the IRR equal to its WACC, then the project's NPV must be zero.