The common stock of Clear Channel Communications (CCU) in San Antonio has a beta of 1.2. The current T-Bill rate is yielding 4% and the market risk premium is estimated to be at 10% (or 10% above the expected return in the market). CCU's capital structure is 40% debt paying 7%, 60% equity. Their tax rate is 30%. What is CCU's equity cost of capital? What is CCU'S WACC? CCU is evaluating whether to invest in a tower project. If the tower project can generate over $200,000 per year for 10 years, what is the max CCU should be willing to invest to start this project