Pick the benefit-cost ratio formula, that includes annual costs?

a.

(Benefits) /(initial investment + Disbenefits + M&O cost)

b.

(Benefits - Disbenefits) /(initial investment + M&O cost)

c.

(Benefits - Disbenefits - M&O cost) /(initial investment)

d.

(Benefits - M&O cost) /(initial investment - Disbenefits)

e.

(Benefits - Disbenefits)/(initial investment - M&O cost)