The article discusses how different factors affect the discount rate used in investment decisions. It highlights the conflict between shareholder expectations and opportunity costs. While traditional economic theory assumed the time-value of money was separate from capital structure, recent trends show varying yield requirements for equity and debt investments. This means that the return expected by shareholders includes a risk premium, while debt investments only consider interest returns. Ultimately, the prices of products in competitive markets are not influenced by capital structure, so the discount rate based on opportunity cost should also be independent of it.