You present your findings on the robotic bartender project for the Caesars casino. Both city and casino management are present.

A hand goes up and someone wants to know what a wacho has to do with the project. $"$No$,"$ you say, "WACC and it is the discount rate used to discount the future cash flows of the project. Remember the value of any asset is the present value of future discounted cash flows."

OK$,$ now you have confused everyone. What is this WACC? How is it calculated? What does it mean and what does it have to do with my robotic bartender?