Corporate Finance - NPV of projects

when calculating NPV do you depreciate the initial investment in equipment including NWC investment or is it just the intallation costs associated with the equipment that is depreciated?

If question says the NWC is returned in the terminal year , use it in Cash Flow for last period

NWC is separate from FC investment, I think you are diluting the two. But to answer your question, you don’t depreciate it.