Which one of the following statements related to the internal rate of return (IRR) is correct?

a.) The IRR yields the same accept and reject decisions as the net present value method given mutually exclusive projects.

b.) A project with an IRR equal to the required return would reduce the value of a firm if accepted.

c.) The IRR is the discount rate that makes the net present value of a project equal to the initial cash outlay.

d.) Both the timing and the amount of a project's cash flows affect the value of the project's IRR.