Lavandor's analyst documents the value in use of an industrial laundry as follows: (A) he starts from the most recent budget approved by management; (B) he projects the cash flows year by year over nine years from detailed forecasts, with no evidence that Lavandor can forecast reliably over such a period; (C) beyond the detailed horizon, he extrapolates at a declining rate until the end of the useful life; (D) he compares his price assumptions with external market studies. Which step contains an error?