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Hans Klein, CFA, is responsible for capital projects at Vertex Corporation. Klein and his assistant, Karl Schwartz, were discussing various issues about capital budgeting and Schwartz made a comment that Klein believed to be incorrect. Which of the following is most likely the incorrect statement made by Schwartz? A. “The weighted average cost of capital (WACC) should be based on market values for the firm’s outstanding securities.” B. “Net present value (NPV) and internal rate of return (IRR) result in the same rankings of potential capital projects.” C. “It is not always appropriate to use the firm’s marginal cost of capital when determining the net present value of a capital project.” |