In the context of the net present value (NPV) model discuss The conditions that must be observed such that a project that has a positive NPV should be chosen. Why, in these circumstances, would a project that has a p o NPV be chosen? Why depreciation does not involve a flow of cash and therefore can be ignored. Within the standard present-value model, why tax savings on interest payments are o o excluded from the cash-flow estimation o The effect of sunk costs within the analysis of a project s viability. DELL