The First Chicago Method for Valuation

The First Chicago Method for valuation:

A) employs a lower discount rate, but applies it to an expected cash flow
B) employs a higher discount rate, but applies it to an expected cash flow
C) employs a lower discount rate, but applies it to present value cash flow
D) employs a higher discount rate, but applies it to a present value cash flow
E) None of the answers are correct