Recall the MNC valuation equation: $V={\displaystyle \underset{t=1}{\overset{n}{}}}\{\frac{{\displaystyle \underset{j=1}{\overset{m}{}}}E(C{F}_{j,t})E(S_{j,t})}{(1+k{)}^t}\}$

Where $C{F}_{j,t}$ represents the amount of cash flow denominated in a particular foreign

currency $j$ at the end of period $t{S}_{j,t}$ represents the exchange rate at which the foreign

currency $($measured in dollars per unit of the foreign currency$)$ can be converted to

dollars at the end of period t ; and k is the weighted average cost of capital.

Which part of this valuation equation is affected by the following and how will each of

the following impact valuation:

a$.$ Increased risk associated with the line of business $K$ weighted average cosd of CG

b$.$ The foreign country in which one of the subsidiaries operates increases its corporate

tax rate

c$.$ A global economic slowdown reduces the demand for the subsidiary's products,

thereby lowering expected cash flows. $C{F}_j,t^{\text{'}}$

d$.$ The foreign currency in which a subsidiary operates is expected to appreciate against

the U$.$S$.$ dollar.