Select one:

a. 9.48%

b. 10.97%

c. 13.53%

d. 8.02%

Assume the market value of Fords' ordinary equity, preference share, and debt are $6 billion, $2 billion, and $13 billion, respectively. Ford's equity has a beta of 1.7, the market risk premium is 8%, and the risk-free rate of interest is 3%. Ford's preference share pays a dividend of $4 each year and trades at a price of $30 per share. Ford's debt trades with a yield to maturity of 8.0%. What is Ford's weighted average cost of capital if its tax rate is 30%