If the Federal Income Tax Rate Were Increased, the Impact

If the federal income tax rate were increased, the impact of the tax increase on acceptable investment proposals would be to (ignore the impact of the tax change on the cost of capital)

A) decrease the tax shelter from depreciation.
B) decrease net present value but the internal rate of return would stay the same.
C) increase net present value because the tax shelter from interest and depreciation becomes more valuable.
D) decrease both net present value. and internal rate of return.