Please answer following questions:

1 . Stock-based compensation should be ignored when calculating free cash flow to firm because:

a. It is not a real non-cash expense in the same way depreciation is, as it does not represent the simple timing difference

b. It only affects one investor group

c. It changes the companys share count and ownership and, therefore, its value to existing shareholders

2. What impact will a positive ESG rating have on a company's cost of capital?

a. A lower cost of capital.

b. No change to the cost of capital.

c. A more volatile cost of capital.

d. A higher cost of capital.

d. All answers are correct

3. Which statement is correct with regards to estimating growth rate at high-growth and younger companies?

a. Look at average growth rather than at growth each year

b. It is more relevant to focus on earnings growth rather than revenue growth

c. Consider historical growth in the overall market and in other firms that are serving it

d. Use historical growth rates for long-term projections