The following table shows the year-end book-value balance sheet for Cardinal Containers Inc. Cardinal Containers Inc. Book Value Balance Sheet ($ Millions) Liabilities and Equity 1 Bonds 3 Preferred stock 7 Common stock 21 Retained earnings 32 Total Assets Cash Accounts receivable Inventories Plant & Equipment Total 10 2 10 10 32 Each bond has a face value of $1,000 and a coupon rate of 8%. Coupons are paid annually, and the bond will mature in exactly 10 years. The current yield to maturity is 9%. The preferred stock has a par value of $20 per share, and it pays a dividend of $2 per share. The beta of the common stock is 1.5; the market risk premium is 7 percent; the returns on T-bills are 4 percent, and the firm's tax rate is 40 percent. The preferred stock currently sells for $15 per share and the common stock for $20 per share. There are one million common shares outstanding. What is the total market value of the company? [Choose closest] A. 31.36 million B. 30.86 million C. 20.86 million D. 21.36 million Refer to the data from the previous question: Assets Cash Accounts receivable Inventories Plant & Equipment Total Cardinal Containers Inc. Book Value Balance Sheet ($ Millions) Liabilities and Equity 1 Bonds 3 Preferred stock 7 Common stock 21 Retained earnings 32 Total 10 2 10 10 32 Each bond has a face value of $1,000 and a coupon rate of 8%. Coupons are paid annually, and the bond will mature in exactly 10 years. The current yield to maturity is 9%. The preferred stock has a par value of $20 per share, and it pays a dividend of $2 per share. The beta of the common stock is 1.5; the market risk premium is 7 percent; the returns on T-bills are 4 percent, and the firm's tax rate is 40 percent. The preferred stock currently sells for $15 per share and the common stock for $20 per share. There are one million common shares outstanding. What is the weighted average cost of capital (WACC)? [Express your answer in percentage terms, rounded to 1 decimal place (eg. 8.9%)] WACC = %