After a thorough analysis, you determine that a project has a NPV of $20,000 using a 12% required rate of return. This can be interpreted as: 1) The project has also an IRR equal to the required rate of return 2) The project will generate $20,000 profit every year 3) The project should increase the value of the firm by $20,000 today 4) The present value of all the future net income equal to $20,000