What is the difference between a conclusion of value and a calculated value?

a$.$ A conclusion of value is intended to be the most unambiguous expression of value and, therefore, can only be expressed as a single value. A calculated value may be stated as a range of values when, in the sole professional judgment of the valuation analyst, a conclusion of value cannot be stated

b$.$ A calculated value is the value provided initially by the analyst before completing all the required procedures. A conclusion of value is provided by the analyst in the valuation report. These two values will always be different but both are valid

c$.$ A calculated value is intended to be the most unambiguous expression of value and, therefore, can only be expressed as a single value. A conclusion of value may be stated as a range of values when, in the sole professional judgment of the valuation analyst, a calculated value cannot be stated

d$.$ A calculated value is a single number, as calculated by the analyst. A conclusion of value is a single number, which is approximately midway between a range of values estimated by the analyst

e$.$ None of the above