परियोजना मूल्यांकन (Project Appraisal) में, उस पिछले व्यय के लिए किस शब्द का उपयोग किया जाता है जो पहले ही हो चुका है, जिसे वापस नहीं पाया जा सकता है, और वर्तमान निवेश निर्णय के लिए अप्रासंगिक है?

A renewable energy firm is seeking a term loan of 10,000 lakhs for a wind farm project with a total cost of 15,000 lakhs. The bank is willing to grant a loan with a tenure of 12 years, including a 1.5-year construction period during which interest will be capitalized. Which of the following is the most significant impact of 'Interest Capitalization' during the construction period on the loan appraisal?

A large pharmaceutical corporation is planning a capital investment of 5,000 million (including 200 million pre-operative expenses which will be capitalized) to set up a vaccine R&D wing. The project life is 10 years with a residual value of 500 million. The straight-line method of depreciation is used. A loan of 3,500 million is taken at 9.5% interest, with a 2-year moratorium on principal repayment (interest is serviced but principal is not repaid). First-year EBITDA is 1,200 million. The corporate tax rate is 25%. Calculate the annual depreciation and the Cash Flow After Tax (CFAT) for the first year of operations.