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Within any DCF valuation model (NPV model we are covering in this section of the course), if the cash flows are not changed but the

Within any DCF valuation model (NPV model we are covering in this section of the course), if the cash flows are not changed but the discount rate (r) is increased, then the NPV will always _______.

(a) decrease

(b) increase

(c) not change

(d) cannot be determined from the information provided

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