Which of the following is the most important factor in investment decision-making? I. Opportunity cost II. Sunk cost III. Positiveegative side effects I only since it is not a real cost II only I and II I and III Question 16 A project's discounted value of tax shield benefits is lowest when: more depreciation is taken place later on in the project's life. using MACRS to depreciate assets. when tax rate is the lowest. using straight-line method to depreciate assets