Real estate analysts create elaborate projections often calculating the present value (PV) of expected future cash flows at a "required rate of return" (or "discount rate"). Further, this pV may be determine 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? Ch11 a. An investor would likely apply a higher discount rate to CF after debt-service b. Investors would apply the same discount rate to "before debt service" and "after debt-service" CFs c. An investor would simply calculate and use the IRR (internal rate of return) as the discount rate d. An investor would likely apply a higher discount rate to CF before debt service