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15. Which of the following is NOT a procedure when conducting leveraged cash flow analysis? a. Calculate unleveraged IRR from annual cash flows. b. Estimate

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15. Which of the following is NOT a procedure when conducting leveraged cash flow analysis? a. Calculate unleveraged IRR from annual cash flows. b. Estimate debt-related cash flows at annual frequency. c. Derive leveraged cash flows from debt cash flows and unleveraged cash flows. d. Equate the IRR of the leveraged cash flows to the required return of equity investors

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