You were hired as a consultant to a company, whose target capital structure is 30% debt, 20% preferred, and 50% common equity. The before-tax cost of debt is 6.0%, the cost of preferred is 8.0%, and the cost of retained earnings is 13.0%. The corporate tax rate is 21%. The firm will not be issuing any new stock. What is its WACC?

		9.52%
		9.02%
		9.20%
		10.15%