Which of the following statements are correct?

(1) The sensitivity of a project variable can be calculated by dividing the project net present value by the present
value of the cash flows relating to that project variable

(2) The expected net present value is the value expected to occur if an investment project with several possible outcomes is undertaken once

(3) The discounted payback period is the time taken for the cumulative net present value to change from negative to positive

A. 1 and 2 only
B. 1 and 3 only
C. 2 and 3 only
D. 1, 2 and 3