Select one:

a. When evaluating 2 or more mutually exclusive projects

b. When the financing requiring the issue of new common equity

c. When the implementation of the project can be postponed to a later date

d. When the implementation of the first project may lead to the implementation of a much larger scale second project

e. When the decision to go ahead with the project results in Government subsidy

All of the following conditions would require additional considerations when applying the NPV method for their evaluations except one