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Which of the following is NOT a relevant cash flow and thus should NOT be reflected in the analysis of a capital budgeting project? a.

Which of the following is NOT a relevant cash flow and thus should NOT be reflected in the analysis of a capital budgeting project?

a. Sunk costs that have been expensed for tax purposes.

b. Changes in net operating working capital.

c. Cannibalization effects.

d. Opportunity costs.

e. Shipping and installation costs for machinery acquired.

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