Real estate analysts create elaborate projections often calculating the present value (PV) of expected future cash flows at a chosen "discount rate". Further, this PV may be determined using cash flows (CFs) before or after debt service (unleveraged vs leveraged analysis). Which of the following statements regarding choice of discount rate makes the most sense in this context?

	a.	An investor would simply calculate and use the IRR (internal rate of return) as the discount rate
	b.	Investors would apply the same discount rate to "before debt service" and "after debt-service" CFs
	c.	An investor would likely apply a higher discount rate to CF after debt-service
	d.	An investor would likely apply a higher discount rate to CF before debt service