Changes in net working capital (NWC) should be included in an investment projects cash flows because ___.

a. firms need positive NPV projects for investment

b. inclusion of net working capital typically increases estimated NPV

c. net working capital is a sunk cost

d. net working capital is an allocated cost

e. net working capital is an average cost

f. net working capital is likely to change with any new project

g. None of the above. NWC should not be included in a capital budgeting analysis.