Changes in the net working capital (NWC)____________

Select one:

a. can affect the cash flows of a project every year of the project's life.

b. affect the initial and the final cash flows of a project but not the cash flows of the middle years.

c. are generally excluded from project analysis due to their irrelevance to the total project.

d. only affect the initial cash flows of a project.

e. are included in project analysis only if they represent cash outflows.