Arrange the following steps involved in capital budgeting in the correct sequence:
A) Evaluating investment proposals
B) Estimating cash flows
C) Determining the cost of capital
D) Analyzing risk and uncertainty
E) Selecting the appropriate investment criteria
1
A → B → C → D → E
2
E → A → B → C → D
3
B → C → A → D → E
4
C → B → A → D → E