Assume Navalnik's project has no salvage value, no requirement of NWC and zero taxes. Assume the project has conventional cash flows and 5-year lifespan.Discount rate = 5%. Which of the following statements is accurate?

I. A project that just breaks even on an accounting basis will have a discounted payback period which is shorter than the project's life.

II. At the financial break-even quantity, the IRR equals the discount rate.

III. At the financial break-even quantity, the ordinary (undiscounted) payback period is shorter than the projects life.

		I and II only
		III only
		II only
		II and III only
		I, II and III