D 12. Penny's Budget Gourmet Restaurants has a current capital structure of 70.00% total equity, 20.00% debt, and 10.00% preferred stock. Penny is considering a $100 million capital budgeting project and the management has estimated the following: - After-tax cost of debt: 7.00% - Cost of preferred stock: 8.00% - Cost of internal equity: 13.00% - Cost of external equity: 15.00% Penny expects to have $40 million of new retained earnings available to finance this project. Based on the information given, determine the WACC of this project for Penny. 10.75% 10.20% 11.90% 12.15%