Fish Ltd$.,$ a fishery and wholesaler, is expanding into the red$-$ meat sector. The management of Fish Ltd$.$ is considering the financial viability of the expansion but are uncertain as to what discount rate to use for the NPV analysis. The risk free rate is $7\%,$ the market risk premium is $6\%$ while the beta for fish sector is $1\mathrm{.}2$ and for the red$-$meat sector is $1\mathrm{.}5$ and the company is wholly financed by equity. What discount rate should the company use?

a$.$

$8\%$

b$.$

$14\%$

c$.$

$15\%$

d$.$

$16\%$