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When estimating the value of a firms operations using future free cash flows, what is the appropriate discount rate? a. risk-free rate of return b.

When estimating the value of a firms operations using future free cash flows, what is the appropriate discount rate?

a. risk-free rate of return

b. the firms cost of equity

c. the firm's weighted average cost of capital

d. the firms before-tax cost of debt

e. none of the above

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