The Patrick Company's cost of common equity (r) is 16%, its before-tax cost of debt (ra) is 8%, and its marginal tax rate is 20%. The stock sells at $41 per share and bonds sell at $900 per bond. Assets. Liabilities and Equity Cash $100,000 Account Receivable $300,000 Long-term debt (par value-$1000) $2,000,000 Inventories $400,000 Common stock (par value=$1) $200,000 Plant and equipment, net $4,200,000 Retained earnings $2.800.000 Total assets $5,000,000 Total liabilities and equity $5.000.000 What is Patrick's WACC if the capital structure is based on market value? Select one: a. 14.56% b. 14.27% c. 12.80% d. 12.16% e. 13.88%