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Norine Benson is studying for the Level I CFA examination and is having difficulty with the broader concepts of capital budgeting. Her study partner, Henri Manz, tests her understanding by asking her to identify which of the following statements is most accurate? A. Replacement decisions involve mutually exclusive projects. B. An analyst can ignore inflation since price level expectations are built into the weighted average cost of capital (WACC). C. For mutually exclusive projects, the decision rule is to pick the project that has the highest net present value (NPV). |