An appraiser can use various techniques when looking at future cash flow projections to estimate the value of a real estate income property. Which one of the following is NOT a generally accepted technique by appraisal standards?

a. Applying the "cap rate" to Net Cash Flow after Debt Service

b. Capitalization of NOI

c. Applying market multiples to projected Gross Income

d. Discounted cash flow applied to NOI (DCF)