$11.$ The present value of the expected net cash inflows for a project will most likely exceed the present value of the expected net profit after tax for the same project because

a$.$ Income is reduced by taxes paid, but cash flow is not.

b$.$ There is a greater probability of realizing the projected cash flow than the forecasted income.

c$.$ Income is reduced by dividends paid, but cash flow is not.

d$.$ Income is reduced by depreciation charges, but cash flow is not.

e$.$ Cash flow reflects any change in net working capital, but sales do not.