Using the following information calculate the company's weighted average cost of capital:

Cost of equity $11\mathrm{.}0\%$

Cost of existing debt $9\mathrm{.}0\%$

Cost of debt at industry average capital structure $8\mathrm{.}5\%$

Tax rate $21\mathrm{.}0\%$

$\%$ equity in existing capital structure $50\mathrm{.}0\%$

$\%$ debt in existing capital structure $50\mathrm{.}0\%$

$\%$ equity in industry average capital structure $52\mathrm{.}0\%$

$\%$ debt in industry average capital structure $48\mathrm{.}0\%$

Select one:

$9\mathrm{.}13\%$

$8\mathrm{.}77\%$

$8\mathrm{.}94\%$

$8\mathrm{.}86\%$