Projects S and L Both Have Normal Cash Flows,and the Projects

Multiple Choice

Projects S and L both have normal cash flows,and the projects have the same risk; hence,both are evaluated with the same WACC,10%.However,S has a higher IRR than L.Which of the following statements is correct?

A) Project S must have a higher NPV than Project L.
B) If Project S has a positive NPV, then Project L must also have a positive NPV.
C) If the WACC falls, then each project's IRR will increase.
D) If Projects S and L have the same NPV at the current WACC, 10%, then Project L, the one with the lower IRR, would have a higher NPV if the WACC used to evaluate the projects declined.