Which of the following statements is FALSE?
◦ The NPV will be positive if the IRR is less than the cost of capital.
◦ If the multiple IRR problem does not exist, any independent project acceptable by NPV method will also be acceptable by the IRR method.
◦ When IRR = k (the cost of capital), NPV = 0.
◦ The IRR can be positive even if the NPV is negative.
◦ The NPV method is not affected by the multiple IRR problem.