Preliminary results from our latest cost of capital survey reveal that the spot yield on the 20-year U.S. Treasury bond is most often used as the basis for the risk-free rate. Two-thirds of survey respondents use that rate; the next most prevalently used rate is the Duff & Phelps normalized risk-free rate, which is used by 20% of respondents. Before we report on the rest of the survey, we’d like a few more responses, so, if you haven’t done so, please take just a minute to take the survey by clicking here. All responses are anonymous, and we will present the results here. Thank you!