Which of the following is TRUE? Select one: a. In using the cost of capital, it is important that it reflects the historical cost of raising funds over the long run. b. Since retained earnings is a more expensive source of financing than debt and preferred stock, the weighted average cost of capital will fall once retained earnings have been exhausted. c. Preferred stockholders must receive their stated dividends prior to the distribution of any earnings to common stockholders and bondholders. d. One measure of the cost of common stock equity is the rate at which investors discount the expected common stock dividends of the firm to determine its share value.

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