Quincy Company is financed by $4 million in debt, $1 million in preferred stocks, and $5 million in common stocks. The pre-tax cost of debt is 4%, the cost of preferred stock is 6%, and the cost of equity is 14%. Calculate the weighted average cost of capital. Assume 21% tax rate.

a) 7.26%

b) 8.86%

c) 9.29%

d) 6.60%