Suppose that you have annual cash flows for a company over five year and these cash flows are inflation adjusted (i.e. real cash flows). Now, suppose that inflation over those five years is 3%. If your nominal required rate of return (discount rate) is 20%, what rate would you use to discount those cash flows to their actual (not approximate) present value at the beginning of that period? Group of answer choices

a. 20%

b. 17%

c. 16.5%

d. 15.25%