A financial manager is in charge of approving capital budgeting projects for a division in a widely diversified company. She is the manager of the firm's least risky division, with a risk level well below the company's average. If the firm's overall WACC is 9%, which of the below would be the most reasonable cost of capital for this manager to use as her required rate of return using the Subjective method?

12%

9%

6%