20. A project has an expected risky cash flow of $560,000 in year 2. The risk-free rate is 4%, and the project's cost of capital is 15%. Calculate the certainty equivalent cash flow for year 2, CEQ2. A) $360,333. B) $401,900. C) $457,993. D) $506,434. 16. Which of the following scenarios fails to describe a possible real option embedded in a project analysis? A) A truck fleet outfitted with engines capable of running on five various types of fuel. B) A patent developed on a new process of slicing bread. C) A new product line started with future follow-on investments available. D) The articles of incorporation amended to allow for stock splits and reverse stock splits