You've just done some analysis on a publicly traded company and some of your key findings are below. The company; 1. Has a WACC of 9%, and a tax rate of 25% 2. Has a Debt to Enterprise Value ratio of 60% 3. Pays no dividends and has no plans to pay dividends 4. Expects the risk-free rate to be 1% 5. The credit rating that would imply it is considered a High Yielding debt security 6. The company is in a mature industry 7. Is in a situation where if they were to raise additional capital, it would likely do so through an equity offering Given these considerations, select the most appropriate discount rate to use for this company? 4% 5% 10% 20%