3. If a project has a net present value equal to zero then,

I. The present value of the cash inflows exceeds the initial costs of the project .

II. The project produces a rate of return that just equals the rate required to accept the project .

III. The project is expected to produce only the minimally required cash inflows .

IV. Any delay in recieving the projected cash inflows will cause the project to have negative net present value .

A. I, I I and III only

B. II and IV only

C. II and III only

D. I, II, and IV only

E. I, III, and IV only