9, The WACC can only be used for project evaluation on what condition? 2 - Advanced investment appraisal 1, what are the main stages of the capital budgeting process? 2, what is relevant cost? 3, what is opportunity cost? 4, how does inflation affect cash flow, discount factor and the project? 5, When should inflation be included in the cost of capital? 6, what is the drawback of Modigliani & Miller (M&M) theory? 7, according to the static trade off theory, what is the feature of gearing 8, according to the pecking order theory, firms will finance projects in what order