Your goal in this assignment is to assist the management of Pioneer Petroleum with evaluating the firm's approach to WACC estimation, to critique the suggestions of Pioneer's management, and to provide recommendations on how to improve Pioneer's WACC analysis in the future. I have developed a set of questions that will provide the direction for your decision process. I also included additional notes that may be helpful in preparing your analysis and provided you with additional data on corporate bonds. Please answer the four questions accompanying the case and support your answers with references to quantitative analyses, where appropriate. For qualitative questions (parts (c) and (d)), summarize your arguments in one paragraph per question. For our class discussion, think about what additional information would be helpful in refining your conclusions. In your quantitative analysis, you may use the same assumptions that we use in class. If you require additional information, make an assumption, briefly justify.