Which one of the following statements is correct? Assume cash flows are conventional. a. If two projects are mutually exclusive, you should select the project with the shortest payback period. b. When the internal rate of return is greater than the required return, the net present value is positive. c. The profitability index will be greater than 1.0 when the net present value is negative. d. Projects with conventional cash flows have multiple internal rates of return. e. If the IRR exceeds the required return, the profitability index will be less than 1.0. Yellow Day has a project that will produce annual cash flows of $10,350,$18,700,$9,480, and $3,400 over the next four years, respectively. If the project has an initial cost of $26,600, what is the MIRR for this project using the discounting approach? The interest rate is 7 percent. a. 15.37% b. 11,31% c. 17.03% d. 13.19% 9.42% Iron Works International is considering a project that will produce annual cash flows of $36,800,$45,500, $56,200, and $21,700 over the next four years, respectively. What is the internal rate of return if the project has an initial cost of $115,200 ? a. 13.55% b. 14.61% c. 12.71% d. 13.98% e. 15.25%