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Which of the following is included in the calculation of the initial investment stage in capital budgeting? Depreciation of the new asset. After - tax

Which of the following is included in the calculation of the initial investment stage in capital budgeting?

Depreciation of the new asset.

After

-

tax proceeds from the sale of the new asset.

Incremental revenues.

After

-

tax proceeds from the sale of the old asset.

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