Which of the following is the correct definition of cash$-$on$-$cash?

A measure of the time it takes to break$-$even on a project, ignoring the time value of money

Return on a project after adjusting for principal and interest, capital structure and taxes

A metric used to determine the multiple of cash received over the life of the project vs the amount of

invested capital$/$equity

Measure of a project's return without the impact of capital structure