Takeda Enterprises has four investment opportunities with the following costs (all costs are paid at t=0) and estimated internal rates of return (IRR) Project Cost IRR $1,000 15.0% 2,000 12.0 1.000 10.5 3,000 10.0 The company wants to maintain a capital structure of 50 percent debt and 50 percent equity. The company anticipates that it can issue up to $2,000 of debt at an interest rate of 10 percent if it issues more than $2,000 of debt its interest rate will increase to 11 percent. The company's stock price (Po) is currently S90 per share, its expected dividend (D) is $6, and its dividend growth rate is 5 percent. The company expects to have $3,000 in retained earnings and its tax rate is 30 percent. What percentage flotation cost makes the net present value of accepting Project D zero? (Hint: Project will be selected only after Projects A, B, and C have been selected) a. 22.129 b. 30.25% C 24.10% d. 18.77% e. 27.33%