Which of the following is not true regarding the appropriate discount rate to be used in conjunction with discounted cash flow (DCF) decision models?

		It can properly be viewed as the "minimum required rate of return" for a proposed investment.
		It can differ across investment projects, according to perceived risk of each project.
		It includes an estimate of the after-tax cost of debt.
		It is also sometimes referred to as the "hurdle rate" for capital budgeting purposes.
		For projects of "above average" risk, the appropriate discount rate is the weighted-average cost of capital (WACC).