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Which of the followings are necessary components in estimating a projects relevant cash flows? I. Depreciation tax shield II. Capital expenditures III. Changes in working

Which of the followings are necessary components in estimating a projects relevant cash flows?

I. Depreciation tax shield

II. Capital expenditures

III. Changes in working capital

IV. Interest expense on new debt used to finance the project

I, II, III and IV
	I and III only
	I and II only
	I, II and III only

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