Assume a project has normal cash flows (i.e., initial cash flow is negative, and all other cash flows are positive). Which of the following statements is most correct?

a. All else equal, a project's IRR increases as the required rate of return declines.

b. All else equal, a project's NPV increases as the required rate of return declines.

c. All else equal, a project's IRR is unaffected by changes in the required rate of return.

d. Answers a and b are both correct.

e. Answers b and c are both correct.