Builtrite's target capital structure is 40% common stock, 20% preferred stock and 40% debt. If the cost of common is 12%, the cost of preferred stock is 11% and the before tax cost of debt is 5% (the tax rate is 34%), what is Builtrites weighted average cost of capital?

Group of answer choices

10.35%

9.63%

9.00%

8.32%