听力原文：W: Now Mr. Gates, lets continue our talk about your proposal about the waste recy

M: Well, (23) it's a rather simple project at the beginning. It would consist of only one production line, but we could expand it afterwards.

W: How much is the financial investment？

M: Including loans？ I would say in the area of two million US dollars.

W: I see.

M: How much would you like to invest in this project？

W: (24) As a general practice we lay out 51 percent of the overall investment. This includes, of course, capital, factory, buildings and equipments, things like that.

M: That seems reasonable. Now let's come to the time frame. How long does the venture run？

W: How long would you want？

M: As it's a small venture, I would suggest 5 years to start with.

W: The contract is renewable and can be extended if both sides agreed.

M: How long do the board members serve？

W: I would say Five years.

M: (25) The chairman would be the legal representative.

W: Yes. A management office would be brought forth and would be responsible for the day to day running of the joint venture. So far as the management is concerned, you might appoint the manager and the chief engineer of the project. And we might appoint their deputies.

M: Ok, sounds good.

(20)

A．The production cost.

B．The financial outlay.

C．The bank loans.

D．The production line.