Which of the following statements about cost-of-equity estimation is most correct?

A) The CAPM approach is always superior to the DCF approach.

B) The risk premium used in the debt-cost-plus-risk-premium approach is the same as the risk premium used in the CAPM approach.

C) Because the CAPM and DCF approaches use market data, they provide precise cost-of-equity estimates.

D) The debt-cost-plus-risk-premium approach can be used when the business does not have publicly traded equity.

E) All approaches always produce estimates that fall within a narrow range.

I know A, B & E are wrong. I'm between C & D. I think it's D because the word "precise" in C raises a red flag.