Working capital is a frequent source of errors in estimating project cash flows. It is important to remember:

I) To include working capital

II) Working capital may change during the life of the project

III) Working capital is recovered at the end of the project

IV) To depreciate working capital

	a.	I and II only
	b.	I, II, and III only
	c.	II, III, and IV only
	d.	I, II, and IV only