Consider the following statements about the investment in working capital in a capital budgeting analysis:

I. Working capital often increases as the result of higher balances in accounts receivable or inventory necessary to support a project. II. Working capital increases are sources of cash and should be included in a discounted-cash-flow analysis. III. The time 0 cash investment in working capital is included in a discounted-cash-flow analysis as a cash outflow. Which of the above statements is (are) correct?

A.	I only.
	B.	II only.
	C.	III only.
	D.	I and II.
	E.	I and III.