Axiom Company wishes to undertake a project that costs $150 million. However, the company currently has $10 million in cash on hand and also believes that it can raise $75 million in debt as well as $100 million in equity if necessary. Assessing the pecking order theory of the capital structure, what percent of the above project will be financed by debt?

options:

a) 50%

b) 25%

c) 26.67%

d) 0%