Brahms Inc. uses both debt and equity to finance its operations. The cost of equity is 13.6 percent and the after-tax cost of debt is 5.21 percent. The weight of equity is 1/2 and the weight of debt is 1/2. What is the weighted average cost of capital? 9.41 percent 10.76 percent 8.86 percent Bronco Spirit Inc. is evaluating a project that will increase annual sales by $198,600 and annual cash costs by $95,400. The project will initially require $187,000 in fixed assets that will be depreciated straight-line to a zero book value over the four-year life of the project. The applicable tax rate is 22 percent. What is the annual operating cash flow for this project? $90,781 $90,988 $91,483 Sibelius Inc. is expanding and expects operating cash flows of $49,500 a year for nine years as a result. This expansion requires $36,500 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $2,200 of net working capital initially (year 0 ). What is the net present value of this expansion project at a required rate of return of 15.6 percent? $188,569.91$193,132.81$192,536.05