Which would be a primary reason that understanding terminal value is important to decison-makers? Which would be a primary reason that understanding terminal value is important to decison-makers? 

The terminal value might include the release of cash from net working capital no longer needed, which is not relevant to the net present value of a project. 

The terminal value might include unrealistically optimistic assumptions, which would cause a lower net present value than the project should have. 

The terminal value might include unrealistically optimistic assumptions, which would cause a higher net present value than the project should have. 

The terminal value might include assumptions about the tax effect of selling fixed assets, which is not relevant to the net present value of a project.