13. Break-Even. Define the cash-flow break-even point as the sales volume (in dollars) at which cash flow equals zero. Is the cash-flow break-even level of sales higher or lower than the zero- profit (accounting) break-even point? (L02)

14. Break-Even and NPV. If a project operates at cash-flow break-even (see the previous prob- lem) for its entire life, is its NPV positive or negative? (LO2)