Zooma Zooma Zoom, a meeting platform company uses $50 million of debt, $20 million of preferred stock, and $120 million of common equity to finance its assets. If the before-tax cost of debt is 6%, cost of preferred stock is 8%, and the cost of common equity is 12%, calculate the weighted average cost of capital for the firm assuming a tax rate of 30%.

Group of answer choices

7.42%

9.27%

9.53%

9.75%

10.00%