When evaluating a new project, firms should include in the projected cash flows all of the following EXCEPT:
O a. A decline in the sales of an existing product, provided that the decline is directly attributable to this project.
O b. Changes in net operating working capital (NOWC) attributable to the project.
O c. The salvage value of assets used for the project that will be recovered at the end of the project's life.
O d. Previous expenditures associated with a market test to determine the feasibility of the project, provided those costs have been expensed for tax purposes.
O e. The value of a building owned by the firm that will be used for this project.