29) The cost of capital for the oil refining division is closest to: A) 6.5%. B) 7.0%. C) 8.5%. D) 10.0%. Use the following information to answer the question below. Luther Industries has 25 million shares outstanding trading at $18 per share. In addition, Luther has $150 million in outstanding debt. Suppose Luther's equity cost of capital is 13%, its debt cost of capital is 7%, and the corporate tax rate is 21%. 30) Luther's weighted average cost of capital is closest to: A) 9.8%. B) 10.8%. C) 11.1%. D) 13.0%