Assume that the current stock price of a company is $35 per share. The company declares a cash dividend of $3 for the next year which is expected to grow by 4% per year forever. If the company is 55% debt financed with a pre-tax cost of debt of 11%, its weighted average cost of capital (WACC) for a 30% tax rate is closest to: Select one: a. %9.89 b. %8.09 c. %11.71 d. %12.57