Which of the following statements is false?

	a.	The book value of an asset is its initial cost less any accumulated depreciation, and straight-line depreciation is simply computed from the basis of the asset's initial cost less its anticipated residual or salvage value.
	b.	Tax savings from losses resulting from the sale of an asset should be included when estimating the cash flows from that asset.
	c.	Changes in net working capital associated with a project should be included in the estimated cash flows.
	d.	Equivalent annual annuities are used to adjust for projects with different risk characteristics.
	e.	Terminal cash flows are those that are realized at the end of a project.