Patiala Cement is an Indian Cement Company that derives 80% of its revenues in India and 20% in Nigeria; the ERP for India is 8% and the ERP for Nigeria is 10%. Over the next decade, the company expects its revenues in India to increase by 50% and revenues in Nigeria to quadruple. Estimate the equity risk premium for Patiala Cement at the end of the decade.

a. 8.00%

b. 8.4%

c. 8.8%

d. 9.00%

e. 10.00%