To make a decision whether a levered project is worth investing money into, one can use the so-called "flow-to-equity approach". This approach requires calculating all the following EXCEPT:

		a. the present value of the future cash flows by discounting them at the cost of equity for a levered firm.
		b. the discounted value of the levered cash flows using the levered cost of equity as the discount rate.
		c. the dollar amount of the initial investment that is not financed with a loan, plus the loan.
		d. the project's net present value.
		e. the levered cost of equity.