Which of the following statements is incorrect regarding a normal project?

a. If the NPV of a project is greater than 0, then its PI will exceed 1.

b. If the IRR of a project is 8%, its NPV, using a cost of capital (i.e., required rate of return) of greater than 8%, will be less than 0.

c. If the PI of a project equals 0, then the project's initial cash outflow equals the PV of its cash flows.

d. If the IRR of a project is greater than the cost of capital (i.e., required rate of return) then its PI will be greater than 1.

Please also explain how you got your answer. Thank you!