Photochronograph Corporation (PC) manufactures time series photographic equipment. It is currently at its target debt-equity ratio of 0.66. It's considering building a new $65.6 million manufacturing facility. This new plant is expected to generate aftertax cash flows of $7.81 million in perpetuity. The company raises all equity from outside financing. There are three financing options:

a.	A new issue of common stock: The required return on the company