A firms weighted average cost of capital (WACC) is influenced by many factors. Determine whether each of the following factors is considered an internal factor, and therefore under the firms control, or an external factor which, by definition, is beyond the firms control.

Indicate whether each factor will most likely lead to an increase, a decrease, or no change in the firms weighted average cost of capital.

Factor	Internal or External	Increase, Decrease, Or No Change
The corporate tax rate increases
Investor risk aversion increases
The firm pays out more of its earnings in dividends
The Federal Reserve raises interest rates
The firm increases its debt ratio