Including Flotation Costs into the Net Present Value of a Project

Including flotation costs into the net present value of a project will:

A) Not affect that net present value.
B) Increase the net present value of the project.
C) Increase the discount rate applied to the project thereby lowering the project's net present value.
D) Increase the initial cash outflow of the project thereby lowering the project's net present value.
E) Affect the net present value but the direction of that impact cannot be determined.