Which of the following statements is FALSE?

Question $8$ options:

None of the provided choices is false.

In the flow$-$to$-$equity method, we use the incremental payouts to equity holders associated with a project to value it$.$

The first step in the APV method is to calculate the value of the free cash flows using the project's cost of capital if it were financed without leverage.

A project's equity cost of capital may differ from the firm's equity cost of capital if the project uses a target leverage ratio that is different than the firm's.

In the WACC valuation method, we compute the value of the investment, excluding the tax benefit of leverage, by discounting the free cash flow of the investment using the pre$-$tax WACC.