In using the two-step approach to Enterprise Valuation (EV), where EV = the Present Value of Planning Period Cash Flows (PVPPCF) + the Present Value of Terminal Value at the end of the Planning Period (PVTV), the PVTV calculation can be:

a. Over 50% of EV.

b. Calculated based on the Gordon Growth Model.

c. Calculated based on an EBITDA multiple.

d. All of the above.

e. None of the above