Consider the NPV without flexibility of a project. Compared to the NPV with a flexibility allowing to defer the same project, the NPV without flexibility is:

Group of answer choices

A. Higher, because the NPV rule always selects the right projects.

B. Lower, because you can use a higher discount rate.

C. Higher, because flexibility has no value.

D. Lower, because the value of flexibility is the difference of the NPVs with and without flexibility.