Lets consider the WACC, the APV, and the Flow-to-Equity methods of capital budgeting and valuation with leverage. The _________ method uses two steps to estimate the unlevered enterprise value Vu, adding the PV of the interest tax shield to derive V_L. The _________________ values projects based on the total payouts to shareholders and discounting them by the equity cost of capital. The _______ method estimates V_L by discounting the ____________ cash flows using the weighted average cost of capital. Please mark the correct answer to fill the four blanks.

	a.	APV; WACC; Flow-to-equity; unlevered
	b.	APV; Flow-to-equity; WACC; unlevered
	c.	WACC; APV; Flow-to-Equity; levered
	d.	APV; WACC; Flow-to-equity; levered