A firm has 50 million shares on issue and 3 million bonds on issue. The expected return on the shares is 14% and the yield to maturity on the bonds is 8%. The share price is $36 and the bond price is $102. The taxation rate is 30%. What is the firm's weighted average cost of capital (WACC)?

a.

12.78%

b.

13.46%

c.

7.09%

d.

11.03%

e.

14.47%