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Capital structure weights


Before-tax cost of financing Debt 50%

20
Preferred stock 10%
18.0%
Common stock 40%

10.0%
10 8.0%

0
Debt
Preferred stock
Common stock

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Capital structure weights


Before-tax cost of financing Debt 45%
Common stock 55%
20.0%
20

10 8.0%

0
Debt
Common stock

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Capital structure weights


Before-tax cost of financing Debt 35%
Preferred stock 15%
20.0%
20 Common stock 50%

12.0%
10.0%
10

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