13. Break-even analysis (S10.2) Define the cash-flow break-even point as the sales volume (in dollars) at which cash flow equals zero.

a. Is the cash-flow break-even level of sales higher or lower than the zero-profit (accounting)

break-even point?

b. If a project operates at cash-flow break-even [see part (a)] for all future years, is its NPV positive or negative?

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