The value of a firm can be defined as:

Select one:

a. The sum of its free cash flows in each year, discounted at the firms weighted average cost of capital (WACC)

b. The sum of the firms operating cash flows in each year, discounted at the firms cost of capital

c. The sum of its free cash flows in each year, discounted at the cost of equity

d. The sum of its cash flows in each year, discounted at the risk-free rate of interest