Which of the following is correct? The after-tax cost of debt, rd(1T), is normally less than rs. Therefore, as long as the firm is not completely debt financed, the weighted average cost of capital (WACC) will normally be greater than rd (1 T). The cost of preferred stock to a firm must be adjusted to an after-tax figure because 70% of dividends received by a corporation may be excluded from the receiving corporation's taxable income. All of the above are correct. None of the above is correct