Which of the following statements is CORRECT?
A. If Project A's IRR exceeds Project B's, then A must have the higher NPV.
B. A project's MIRR can never exceed its IRR.
C. If a project with normal cash flows has an IRR less than the cost of capital, the project must have a positive NPV.
D. If the NPV is negative, the IRR must also be negative.
E. If a project with normal cash flows has an IRR greater than the cost of capital, the project must also have a positive NPV.
Answer: E
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