Ahmed spends all his money on movie tickets and groceries. Suppose Ahmed is presented with two options: A and B. Option A gives him a voucher of $X, which he can only spend on groceries. Option B gives him $X, which he can spend on either or both goods. Which of the following is correct, assuming Ahmed is indifferent between the two options? a) Ahmed spends at least $X on groceries. b) Ahmed spends less than $X on groceries. c) Ahmed spends his entire income on movie tickets. d) Ahmed must be indifferent between movie tickets and groceries.

Granby foods' (gf) balance sheet shows a total of $25 million long-term debt with a coupon rate of 8.50%. the yield to maturity on this debt is 8.00%, and the debt has a total current market value of $27 million. the company has 10 million shares of stock, and the stock has a book value per share of $5.00. the current stock price is $20.00 per share, and stockholders' required rate of return, r s, is 12.25%. the company recently decided that its target capital structure should have 35% debt, with the balance being common equity. the tax rate is 40%. calculate waccs based on book, market, and target capital structures. what is the sum of these three waccs?