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