also provide explanation for your choice Use capital letter T (true) or F (false) to indicate your answer. Write down your answer in your answer book. 11. Compared with the APV approach, the WACC approach always underestimates the enterprise value because it only considers free cash flows that do not include interest tax savings. 12. The CCF and APV approaches differ only in their assumption about the discount rate for interest tax shields, It is in this sense that CCF is a special case of APV