Question: When analyzing a capital budget project, the analyst must include in the calculations all but which of the following?

a. _____ all revenues and costs in terms of cash flows.

b. _____ only those cash flows that will change if the proposal is accepted (i.e. incremental cash flows).

c. _____ interest payments on debt financing connected with the project.

d. _____ any effect (impact) the acceptance of the project under consideration will have on other projects now in operations.