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    Exam 9: Introduction to Capital Budgeting and Cash Flow Estimation
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    The Estimation of a Project's Net Cash Flows NCF)should Not
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The Estimation of a Project's Net Cash Flows NCF)should Not

Question 13

Question 13

Multiple Choice

The estimation of a project's net cash flows NCF) should not include changes in


A) depreciation.
B) cash operating costs.
C) interest expense.
D) sales revenue.

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