The effect of tax rate on WACC K Bel Jewelers wishes to explore the effect on its cost of capital of the rate at which the company pay taxes. The firm wishes to maintain a capital structure of 35% debt, 15% preferred stock, and 50% common stock The cost of financing with retained earnings is 12%, the cost of preferred stock financing is 8%, and the before-tax cost of debt financing is 8% Calculate the weighted average cost of capital (WACC) given a tax rate of 25% The few's WACC Round to two decimal places)