What is the relationship of operating cycles to capital investment cycles?

Businesses may have multiple asset conversion cycles consisting of one or more operating cycles in one or more capital investment cycles.
Businesses have a single asset conversion cycle consisting of one or more capital investment cycles within a single operating cycle.
Businesses have a single asset conversion cycle consisting of either an operating cycle or a capital investment cycle.
Businesses may have multiple asset conversion cycles consisting of a single operating cycles and one or more capital investment cycles.

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