AS the CFO of Tigers Inc., you plan to calculate a new project's NPV by estimating the relevant cash flows for each year of the project's life. Which one of the following cash flows should you be sure to INCLUDE when estimating the relevant cash flows?

	a.	The investment in working capital required to operate the project, even if that investment will be recovered at the end of the project's life.
	b.	All interest expenses on debt used to help finance the project.
	c.	Effects of the project on other divisions of the firm, but only if those effects lower the project's own direct cash flows.
	d.	All sunk costs that have been incurred relating to the project.
	e.	Sunk costs that have been incurred relating to the project, but only if those costs were incurred prior to the current year.