(I) PV of Net Operating Cash Flows

(I) PV of Net Operating Cash Flows
(II) PV of Depreciation Tax Shield
(III) PV of the Benefit for the Concessionary Loan
(IV) PV of the Interest Tax Shield
(V) Initial cost of the project
-The APV is calculated using the following formula:

A) (I) + (II) + (III) + (IV) - (V)
B) (I) + (II) + (III) + (IV) + (V)
C) - (I) + (II) + (III) + (IV) + (V)
D) (I) - (II) + (III) + (IV) - (V)