8. Which of the following items is considered when computing the terminal cash flow for an expansion project? a. Change in net working capital. b. Inflation during the project's life. c. Initial cash outlay of the project. d. Opportunity cost of the project. e. Sunk cost of the project. 9. Which of the following factors leads to a high dividend-payout ratio? a. Existence of impairment of capital rule b. Stockholders' desire for future income rather than current income c. Management's preference for limited ownership control d. Excess availability of cash in spite of investing in profitable projects e. Debt contract restrictions to maintain certain financial measures 8. Which of the following items is considered when computing the terminal cash flow for an expansion project? a. Change in net working capital. b. Inflation during the project's life. c. Initial cash outlay of the project. d. Opportunity cost of the project. e. Sunk cost of the project. 9. Which of the following factors leads to a high dividend-payout ratio? a. Existence of impairment of capital rule b. Stockholders' desire for future income rather than current income c. Management's preference for limited ownership control d. Excess availability of cash in spite of investing in profitable projects e. Debt contract restrictions to maintain certain financial measures