Which of the following statements is most correct?

	a.	The weighted average cost of capital is calculated on a before-tax basis
	b.	An increase in the risk-free rate is likely to increase the marginal costs of both debt and equity capital financing
	c.	The weighted average cost of capital for a given capital budget level is a weighted average of the marginal cost of each relevant capital component that makes up the firm's target capital structure
	d.	Statements b and c are correct
	e.	All of the statements above are correct