a. ABC Ltd is financed by a mixture of equity and debt capital whose market values are in the ratio of 3:2 respectively. The debt which is considered risk free yields 8% pre-tax. The average return on the market portfolio is 14% and the beta value of the company's equity is 0.85. Corporate Tax rate is 25%. Required: Calculate the appropriate cost of capital to be used for appraising new projects with the same operating risk characteristics. (10 marks) (5marks) b. Briefly discuss any five (5) takeover defences