In the Flow-To-Equity Approach to Capital Budgeting,it Is the After-Tax

In the flow-to-equity approach to capital budgeting,it is the after-tax cash flows that are available ________ that are discounted at the levered equity required rate of return.

A) to be paid to bondholders
B) to be paid to stockholders
C) to be used in the project
D) to be paid to government agencies that authorized the project