1. Which of the following should you NOT consider as relevant cash flow (flows) when considering the merit of a project?
   1. Interest costs that will occur if the project is financed by debt
   2. Opportunity costs
   3. The cost of a feasibility study that will be paid regardless of the project being undertaken or not

1. i and ii
2. i and iii
3. ii and iii
4. i, ii and iii