In 2006, Anheuser-Busch Companies Inc. (BUD), engaged in the production and distribution of beer worldwide, operating through four business segments: Domestic Beer, International Beer, Packaging, and Entertainment. The Domestic Beer segment offers beer under Budweiser, Michelob, Busch and Natural brands in the United States, in addition to a number of specialty beers including non-alcohol brews, malt liquors, and specialty malt beverages, as well as energy drinks. The international Beer segment markets and sells Budweiser and other brands outside the United States and operates breweries in the United Kingdom and China. In addition, the International beer segment negotiates and administers license and contract brewing agreements with various foreign brewers. The packaging segment manufactures beverage cans and can lids or drink customers, buys and sells used aluminum beverage containers, and recycles aluminum containers. Finally, the Entertainment segment owns and operates theme parks. In 2005, Anheuser-Busch reported the following segment revenues and net income (in millions):

Domestic Beer: Gross sales = $10,121.00; Income before taxes = 2,293.40; Equity income = 0; Net income = $1,421.90

International Beer: Gross sales = $864.00; Income before taxes = 70.10; Equity income = 147.10; Net income = $433.70

Packaging: Gross sales = $1,831.50; Income before taxes = 120.40; Equity income = 0; Net income = $74.60

Entertainment: Gross sales = $904.40; Income before taxes = 215.10; Equity income = 0; Net income = $133.40

Find the divisional WACCs using the following additional information about the capital structure and costs of equity for each division, and assuming the cost of debt is 4% and the corporate tax rate is 30%:

Domestic Beer: Cost of equity = 10.27%; D/E = 35.50%

International Beer: Cost of equity = 11.90%; D/E = 27.40%

Packaging: Cost of equity = 7.30%; D/E = 18.80%

Entertainment: Cost of equity = 13.54%; D/E = 20.20%

Suppose the corporate WACC is 9%. How would using that as a single discount rate for all investment decisions at Anheuser-Busch affect the different divisions?