Suppose Acme Industries correctly estimates its WACC at a given poist in time and then uses that same cost of capital to evaluate all prejects for the next $10$ years, then the firm will most likely

become less risky over time, and this will maximize its intrinsic value.

accept too many low$-$rik prepects and tee ferr hiph rite projacts

become more risky and also have an increasing WACC lststricric value will not le maximized.

continot as before, because there is no reason to expect is risk poitioe or value to change over time as a result of its use of a single cost of capital.