Which is true for the life of a zero-NPV project?

Bondholders expect to earn more than the cost of debt but stockholders only expect to earn the cost of equity

Bondholders expect to earn the cost of debt, and stockholders expect to earn more than the cost of equity

Bondholders expect a zero return, but stockholders expect to earn the cost of equity

Bondholders expect to earn the cost of debt, and stockholders expect to earn the cost of equity