The market values of a firm's balance sheet accounts are as follows: assets =PPHP10,000,000; long-term debt = PHP 2,800,000; preferred stock = PHP 3,400,000; and common equity = PHP 3,800,000. The before-tax cost of long-term debt =12%, the cost of preferred stock =14%, and the cost of common equity =23%. The tax rate is 35%. Find the weighted average cost of capital (WACC). 10.99% 14.93% 15.68% 16.86%