The main markets (by revenue) for Vodafone Plc in 2016- 17 were: Eurozone (47%), UK (13%), India (12%), South Africa (7%) and Turkey (5%). What is the appropriate risk- free rate for Vodafone? Equally-weighted average of the risk-free rates in these countries Value-weighted average of the risk-free rates in these countries The lowest rate (it is risk-free after all) The highest rate (gives conservative valuation) It depends None of the above