Question 18 3 pts Horace Corporation's cost of equity is 20 percent, its before-tax cost of debt is 4 percent, and its cost of preferred stock is 7.1 percent. The market value of its equity is $550 million, the market value of its debt is $ 350 million, and the market value of its preferred stock is $100 million. If the tax rate is 34 percent, what is Horace Corporation's weighted average cost of capital WACC? 12.63% 9.91% 13.59% 13.11% Question 19 3 pts Using the weighted average cost of capital (WACC) as the discount rate for future cash flows is: never appropriate appropriate only when the proposed investment is similar to the firm's existing activities. always appropriate appropriate only when using the internal rate of retur (IRR)