If Net Cash Flows Have Been Estimated on an After-Tax

Multiple Choice

If net cash flows have been estimated on an after-tax basis,then:

A) the opportunity cost of capital is not appropriate.
B) they should be discounted by the after-tax required rate of return.
C) they should be discounted by the before-tax required rate of return.
D) tax cash flows should be added back and net cash flows should be discounted by the before-tax required rate of return.