Which one of the following statements is correct?

The net present value is a measure of profits expressed in today's dollars.

The net present value is positive when the internal rate of return exceeds the required rate of return.

If the internal rate of return equals the required return, the net present value will be positive.

Net present value is equal to an investment's cash inflows discounted to today's dollars.

If the initial cost of a project is increased, the net present value of that project will also increase.