Which ONE of the following BEST describes WHY the time value of money is important in capital budgeting decisions? In terms of sequencing, employees must be paid before investors receive cash flows. Approval for significant cash outflows takes time because that approval must come from the board of directors. Cash inflows and outflows occur over an extended period of time. In terms of sequencing, creditors must be repaid before investors receive cash flows. press. 5.0 year payback 3.3 year payback 6.7 year payback 10.0 year payback 10% unadjusted rate of return 30% unadjusted rate of return 40% unadjusted rate of return 20% unadjusted rate of return In what kind of companies is the cash burn rate monitored closely? Merchandising companies Startup companies Established companies Dividend companies