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Chapter 7






                          Overview






                                     Business                            Financial
                                         risk                               risk






                                            What is the impact on
                                                         risk?






                                            PROJECT APPRAISAL







                                                        Which
                                                  discount rate?




                                                                             Adjusted
                                  Existing
                                   WACC                   Risk               present
                                                       adjusted                value

                                                        WACC

















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