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When calculating Free Cash Flow to Firm (FCFF), the discount rate used is WACC, while when calculating Free Cash Flow to Equity (FCFE), the discount

When calculating Free Cash Flow to Firm (FCFF), the discount rate used is WACC, while when calculating Free Cash Flow to Equity (FCFE), the discount rate used is Ke. Discuss why this is so and whether there could be any exception to these rules

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