When using the subjective approach to project analysis, a firm: must have an all-equity capital structure. uses the WACC of Firm X as the basis for the discount rate for a project under consideration by Firm Y. assigns discount rates to projects based on the discretion of the seniof managers of a firm. allows managers to randomly adjust the discount rate assigyed to A proicht once the project's standard deviation has been determined. applies a lower discount rate to projects that are financed totally with equity as compared to those that are pertially financed with debt