Investment bank Canaccord's Think Childcare (TNK) initiation of coverage states: "Revenue is largely a function of day rates, the number of licenced places and occupancy."

Which of the following formulas is most likely to be used to forecast revenue?

Select one:

a.DayRates*LicensedPlaces*OccupancyProportion

b.DayRates*LicensedPlaces/OccupancyProportion

c.DayRates*(LicensedPlaces+OccupancyProportion)

d.OccupancyProportion*(DayRates+LicensedPlaces)

e.OccupancyProportion*(DayRates-LicensedPlaces)