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

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

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

3)All else equal, a project's IRR is unaffected by changes in the cost of capital.

4)Answers 1 and 2 are correct.

5)Answers 2 and 3 are correct.

Thanks so much