As no observable rate specific to a hydroelectric dam exists, Gerbaude uses a surrogate rate. What must this rate reflect?Your answerAThe time value of money only, since risks are excluded in principle from a surrogate rate.BThe market assessment of the time value up to the end of the useful life and of the risks not already built into the cash flows.CAll the risks of the asset, including those already built into the cash flows through weighted scenarios, in order to create a safety margin.DThe time value of money over a one-year horizon, whatever the useful life.Submit