Springfield Corporation, whose tax rate is 30%, has two sources of funds: long-term debt with a market value of $8,000,000 and an interest rate of 8%, and equity capital with a market value of $15,000,000 and a cost of equity of 12%. What is Springfield's weighted average cost of capital (WACC)?

Select one:

a. 8.40%

b. None of the above

c. 10.61%

d. 12.00%

e. 9.77%