A firm's Board of Directors is considering moving forward with developing an oil field in Mexico. Which of the following is NOT a relevant cash flow and thus should not be reflected in the analysis of a capital budgeting project?

Group of answer choices

1.) Opportunity cost to develop an Angolan oil field.

2.) Changes in net working capital.

3.) Sunk costs that have been expensed for tax purposes.

4.) Shipping and installation costs in Mexican pesos.