Assume a project has normal cash flows (i.e., the initial cash flow is negative, and all other cash flows are positive). Which of the following statements is most correct? Question 18 options:

a. All else equal, a project's IRR increases as the cost of capital declines.

b. All else equal, a project's NPV increases as the cost of capital declines.

c. All else equal, a project's MIRR is unaffected by changes in the cost of capital.

d. Answers a and b are correct.

e. Answers b and c are correct.