NO.PZ2018062005000018
问题如下：
Ann is analyzing the capital budget of a project in her company. Which of the following should not be included in her incremental cash flows estimation?
选项：
A.externalities.
B.financing cost.
C.opportunity costs.
解释：
B is correct. Financial costs are included in the required rate of return (cost of debt). If financing costs is reflected in the cash flows and discount rate, it will be double-counting.
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