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Which of the following is not included in the annual free cash flows over a project's life? Depreciation and taxes Changes in working capital Changes in capital spending O Interest expenses Variable costs include all EXCEPT property taxes. direct labor. sales commissions. direct material Which of the following is not true about bonds? Bonds have priority claim on income and assets. The par value of bonds is generally $1,000. Most bonds have an indefinite life. A bond indenture is the legal agreement between the bond trustee and the bond issuer