14 A company's capital structure is as follows. m 10 million 1 ordinary shares 10 Reserves 4 13% irredeemable loan stock 7 21 Current market prices for the company's securities are as follows. 1 ordinary shares 280p 13% irredeemable loan stock 100 The company is paying corporation tax at a rate of 30%. The cost of the company's equity capital has been estimated at 12% per annum. The company's weighted average cost of capital for capital investment appraisal purposes is a. 11.42% b. 12.20% C. 11.03% d. 12.30%