1.When evaluating whether to proceed with a project, the firm should consider all of the following factors except which one? (i.e., Which is a "not relevant" versus "relevant" cash flow?)

a.Changes in working capital attributable to the project

b.Previous expenditures associated with a market test to determine the feasibility of the project.

c.The current market value of any equipment to be sold and replaced.

d.The resulting difference in depreciation if the project involves a replacement decision.

e.All of the above should be considered.