Which of the following statements regarding cost of capital is not true?

It is used to calculate the present value of anticipated after$-$tax cash flows for a project.

It is another term for "required rate of return."

It is typically defined as a weighted$-$average of all sources of capital for the company.

It reflects the perceived level of risk for which investors in debt and equity securities expect to be compensated.

It is used when calculating the internal rate of return $($IRR$)$ of a proposed investment.

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