Which of the following statements is CORRECT?
a. If two projects are mutually exclusive, then they are likely to have multiple IRRs.
b. If a project is independent, then it cannot have multiple IRRs.
c. Multiple IRRs can occur only if the signs of the cash flows change only once.
d. If a project has two IRRs, then the smaller one is the one that is most relevant, and it should be accepted and relied upon.
e. When a project has more than one IRR, then it’s unclear which IRR we should use to compare to WACC to come up with an investment decision rule.