If the firm is evaluating a new investment project that has the same risk as the firm, what rate should the firm use to discount the project's cash flows? Independence Mining Corp has 7 million shares of common stock The common stock currently sells for $35 a share and has a beta of 1 The market risk premium is 8% T-bills are yielding 7% 1 million shares of 6% preferred stock with face value of $100 The preferred stock currently sells for $60 a share 100,000 9% bonds paying semi annually The bonds have 15 years to maturity and sell for 89% of par Independence Mining's tax rate is 34% If the firm is evaluating a new investment project that has the same risk as the firm, what rate should the firm use to discount the project's cash flows?