Adjusted

WACC.

Clark Explorers, Inc., an engineering firm, has the following capital structure:

Equity	Preferred Stock	Debt
Market Price	$56.14	$101.55		$954.28
Outstanding units	120,000	14,000		5,825
Book value	$3,305,000	$1,438,000		$5,825,000
Cost of capital	15.81%	12.01%		10.9%

. Using market value and book value (separately, of course), find the adjusted WACC for Clark Explorers at the following tax rates:

a.35%

b.30%

c.15%

d.10%