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Question 18 (1.33 points) Which of the following statements is CORRECT? A change in a company's target capital structure cannot affect its WACC. This is not the answer If a company's tax rate increases, then, all else equal, its weighted average cost of capital will decline. WACC calculations should be based on the before-tax costs of all the individual capital components. Flotation costs associated with issuing new common stock normally reduce the WACC. Question 19 (1.33 points) Question 19 (1.33 points) Which of the following statements is CORRECT, holding other things constant? The optimal capital structure simultaneously minimizes the cost of debt, the cost of equity, and the WACC. If changes in the bankruptcy code make bankruptcy less costly to corporations, then this would likely reduce the debt ratio of the average corporation. An increase in the corporate tax rate is likely to encourage a company to use more debt in its capital structure None of the statements are correct. As a rule, the optimal capital structure is found by determining the debt-equity mix that maximizes expected EPS. Question 20 (1.34 points) Question 20 (1.34 points) A project has an up-front cost of $150,000. All subsequent cash flows are positive. The project's required return is 12 percent and its net present value is - $10,000. Which of the following statements is most correct? The project's internal rate of return equals 12 percent. The project's internal rate of return is less than 12 percent. You need more information to determine whether the internal rate of return is greater than, less than or equal to 12 percent. The project's internal rate of return is greater than 12 percent. I really should have come to class more often. Question 21 (1.33 points)