Which of the following best describes NPV$?$

Group of answer choices

NPV is the sum of the discounted future cash flows at a given discount rate, plus the initial investment.

NPV is the sum of the discounted future cash flows at a given cap rate plus the initial investment.

NPV is the sum of the discounted future cash flows at a given discount rate, less the initial investment.

NPV is the sum of the discounted future cash flows at a given cap rate, less the initial investment.