问题如下：
which of the following discount rate is appropriate for discounting cash flow to equity in valuation?
选项：
A.WACC
B.the required return on equity
the firm’s cost of capital.
解释：
Being used as discount rates in valuation, required returns need to be defined appropriately relative to the cash flows to be discounted.When a cash flow to equity is discounted, the required return on equity is an appropriate discount rate.
不知道为什么，脑子里第一个出现的是spot rate折现金流，要求回报率是spot rate的平均么？如果有spot rate这个选项哪个更优呢？谢谢老师
