The cost of capital is arguably at the heart of any in-depth discussion of corporate finance. Re-read the WACC formula of the textbook and note the order in which the components of WACC are listed. The formula works irrespectively of this order. Consider these components and place them in a ranked order (from most important to least important in your opinion) and justify your ranking. You should consider how these components are used by the corporation, and note that not all corporations may use all components.