Answer : only I & II are correct

I. may have minimal value if a project relates to a rapidly changing technology.

II. is partially dependent upon the discount rate applied to the project being evaluated.

explaination to above answer

In capital budgeting we take decision weather to start the project at now or to weight fo some period. various factor affect the capital budgeting decision .i.e. Technology , Number of years, cost of capital rate , Cash flow etc.

Here in the question we have provided that ,

I. may have minimal value if a project relates to a rapidly changing technology.

II. is partially dependent upon the discount rate applied to the project being evaluated.

are correct because if times spent technology get expires and we have to take quick decision that weather to start at now or not

And the second sentence that it partially dependent upon the discount rate applied to the project being evaluated is also correct because higher the rate have lower value of the cash flow period and after some period there may be chances that rate may be increase or decrease .