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. The lower the WACC used to calculate it, the lower the calculated NPV will be.

b. A project's NPV is found by compounding the cash inflows at the IRR to find the terminal value (TV), then discounting the TV at the WACC.

c. If a project's NPV is less than zero, then its IRR must be less than the WACC.

d. If a project's NPV is greater than zero, then its IRR must be less than zero.   

e. The NPV of a relatively low-risk project should be found using a relatively high WACC.