Lewis runs an outdoor adventure company and wants to know what effect a tax change will have on his company's WACC. Currently, Lewis has the following financing pattern: Equity:36% and cost of 17.24% Preferred stock:12% and cost of 12.66% Debt:52% and cost of 10.2% before taxes. What is the adjusted WACC for Lewis if the tax rate is

a)35% b)25% c)15% d)10% e)0%