The subjective approach to project analysis:

a$.$ Is used only when the firm's cost of capital is unknown.

b$.$ Uses the market rate of return as the base rate which is then adjusted for the risk level of each project.

c$.$ Is a purely random allocation of discount rates to various projects.

d$.$ Allows managers to adjust for the risk level of each project without knowing the actual beta of the project.

e$.$ Uses the beta of each project to determine the appropriate discount rate for the project.

Clear my choice