9. In selecting between two projects, both of which will provide the same noncash benefits (e.g. increasing firefighter response time)

a. It is preferable to use the 30-year Treasury rate as a discount rate.

b. It would be inappropriate to use present value analysis.

c. It is necessary to express the benefits in dollars, so that they can be compared to the costs.

d. It is appropriate to select the project with the smallest net discounted cash outflow (costs).