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Which of the following statements is false? A. Issuance costs increase the WACC. B. A project that can be financed with internal funds will be

Which of the following statements is false?

A. Issuance costs increase the WACC.

B. A project that can be financed with internal funds will be less costly than the same project if it were financed with external funds.

C. External equity is less expensive than retained earnings.

D. Issuance costs should be treated as cash outflows in NPV analysis.

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