Which one of the following statements is correct?

• The number of years required to recover the initial cash investment in a project, is called Pay Back period (PBP).
• The discount rate that equates the present value of the expected Net Cash Flows (CFs) with the Initial Cash Outflow (ICO) is known as internal rate of return.
• The present value of the proposal's net cash flows, less the proposal's initial cash outflow is known as the Net Present Value (NPV)
• All of these