The Net Present Value (NPV) of a Project Is Negative

The net present value (NPV) of a project is negative when the discount rate used is:

A) equal to the project's internal rate of return (IRR) .
B) equal to the yield to maturity of the bonds issued to finance the project.
C) greater than the project's internal rate of return (IRR) .
D) lower than the return demanded by the firm's stockholders.
E) less than the project's internal rate of return.