A company is investing in a major capital budgeting project that will require the expenditure of $20 million. The money will be raised by issuing $10 million in bonds. $5 million in preferred stock, and $5 million in new common stock. The company estimates is after-tax cost of debt to be 5%, Its cost of preferred stock to be 9% and the cost of new common stock to be 16%. The tax rate for the firm is 4096 and the risk-free rate is 4%. What is the weighted average cost of capital for this project? 7.7596 12.7596 8.7596 5.25% None of the above