In the context of recent research on the Weighted Average Cost of Capital (WACC), the Adjusted Present Value (APV) and the Flow-to-Equity (FTE), which of these methods would you use for the following companies. In each case explain why.

I. A firm with uncertain growth rates for the next 10 years.

II. A start-up firm with no debt.

III. A start-up firm with debt.

IV. A financially distressed firm that has excess levels of debt but significant accumulated tax credits.

explain in detail with maybe a few examples word limit 800-1000