Real Estate Principles 3rd Edition by David Ling,Wayne Archer

Exercise 6

Which of the following is the least true
A) Levered discount rates are greater than unlevered discount rates.
B) Levered, before-tax discount rates are greater than unlevered, before-tax discount rates.
C) After-tax discount rates are less than discount rates used to value before-tax cash flows.
D) After-tax discount rates are greater than discount rates used to value before-tax cash flows.