Assume the market value of Ford's equity, preferred stock and debt are $8 billion, $3 billion and $15 billion respectively. Ford has a beta of 1.1 , the market risk premium is 7% and the risk-free rate of interest is 3%. Ford's preferred stock pays a dividend of $4 each year and trades at a price of $26 per share. Ford's debt trades with a yield to maturity of 8%. What is Ford's weighted average cost of capital if its tax rate is 25% ? A. 8.5% B. 7.65% C. 8.08% D. 7.23%