A firm is investing in a major capital budgeting project that will require the expenditure of 16 million SAR. The money will be raised by issuing 2 million SAR in bonds, 4 million SAR of preferred stock, and 10 million SAR of new common stock. The company estimates its before-tax cost of debt to be 7%, its cost of preferred stock to be 9%, the cost of retained earnings to be 14%, and the cost of new common stock to be 17%. Assuming a 40% corporate tax rate, what is the weighted average cost of capital for this project?

		13.04%
		13.32%
		13.75%
		14.23%