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 correct? I. All else equal, a project's IRR increases as the required rate of return declines. II. All else equal, a project's NPV increases as the required rate of return declines. . All else equal, a project's IRR is unaffected by changes in the required rate of return. Select one: O b. I only O c. III only e. II only