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66. In deciding the investment in a project, cash flows should be adjusted for their tax effect. Assume an income tax rate of 35% An old equipment with a book value of P15,000 will be replaced by a new equipment costing P50,000. The market value of the old equipment is P11,000. The after-tax investment outlay is A P34,400 C. P39,000 B. P37,600 D. P40,400