Which one of the following characteristics relates to the cash break-even point for a given project? L The project never pays back Il. The IRR equals the required rate of return. IlI. The NPV is equal to zero. IV. The operating cash flow is equal to the depreciation expense. O The discounted payback period equals the project's life. O The IRR equals the required rate of return. O The NPV is equal to zero. O The OCF is equal to the depreciation expense. O The project never pays back