15. Which of the following would not be considered a cost of financial distress? A. Lack of interest tax shields B. Excessive risk-taking by shareholders C. Loss of customers or suppliers D. Bankruptcy costs t6 Which of the following figures of merit does not directly take into consideration the time value of money? I. Payback period II. Internal rate of return III. Net present value (NPV) IV. Accounting rate of return A. I & III only B. IV only C. I & IV only D. II & IlI only E. I & II only 17. Pro forma free cash flows for a proposed project should: I. exclude the cost of employing existing assets that could be sold anyway II. exclude interest expense. III. include the depreciation tax shield related to the project. IV. exclude any required increase in operating current assets. A. I and II only B. I, II, III, and IV C I, III, and IV only D. II and IV only E. II and III only