Which of the following factors should be included in the cash flows used to estimate a project's NPV?

- The end-of-project recovery of any additional net operating working capital required to operate the project.
- Interest on funds borrowed to help finance the project.
- Expenditures to date on research and development related to the project, provided those costs have already been expensed for tax purposes.
- All costs associated with the project that have been incurred prior to the time the analysis is being conducted.