12. Assuming you have the freedom to optimize the net cash flows during the project lifetime (e.g. through flexible depreciation) to improve the economic feasibility, how could you improve the NPV or IRR of the project? By paying taxes as fast as you can in the first years to avoid payments in the future By accelerating the depreciation to decrease the tax payments at the end of the project By extending the years of depreciation to pay less taxes every year and therefore improving the average liquidity By postponing tax payments to the end of the project