FerroReal, the Mexican railroad, is considering an expansion of a intermodal transfer facility. FerroReal already owns the land for the facility. Design and engineering work for the facility has been completed and paid for. Which of following should be included in project cash flow?

a.The market value of the land.

b. The cost of a branch rail line to the site. The line was built last year and is used for other traffic. It can also serve for the new facility.

c. The cost of design and engineering.

d. Real estate taxes.