You are projecting your assumptions over a five$-$year forward$-$looking period. Which item relies on the least subjective assumptions?

cost of goods sold based on COGS being a percentage of revenue, times projected future revenue

revenue projected as the current year revenue growth multiplied by the previous year's revenue

income tax rates over the five$-$year forward$-$looking period as a rate, and not as a dollar amount of income taxes paid

research and development expense using an average of the research and development over the pas