If you create a 6-year model of a project, you obtain a numerical result, the net present value of the project This NPV is the mathematical calculation of the valuation of the project.

If you create a 10-year model of the exact same project, you apply the exact same Discount Rate, Growth Rate, Year 0 Cash Flow, and Year 1 Cash Flow, but mathematically you obtain a different result, that is a different NPV number. This NPV is the mathematical calculation of the valuation of the project.

Group of answer choices

This proves one way that valuation can be manipulated.

This proves nothing.