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Which of the following is not a step required in the determination of the net-present...

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Accounting

Which of the following is not a step required in the determination of the net-present value of a capital investment project?

Select one:

A. Determine the net after-tax cash flow of initial outlay

B. Determine the net after-tax cash flows in future periods

C. Discount future cash flows to present values

D. Subtract future cash flows from current cash flows

E. None of the above, all are steps in the determination of net present value.

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