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Which of the following statements is CORRECT? a. Sunk costs are not included in the annual cash flows, but they must be deducted from the PV of the project' other costs when reaching the accept/reject decision. b. Sunk costs are relevant and should not be included in capital budgeting analysis analysis. c. Depreciation is a non-cash expense and, thus, is added back to net income to determine a project's cash flows d. A good example of a sunk cost is a situation where a bank opens a new office, and that new office leads to a decline in deposits of the bank's other offices