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To evaluate future (or new) projects, we should use the after-tax marginal cost of capital. This is the cost of the capital that will be used to finance the new project. The new capital will have a pre-tax cost of 10% and since the tax rate is 36%, the after tax cost of capital is 6.4%. This is the discount rate that should be used to evaluate the new project.
The after-tax marginal cost of capital should be used to evaluate new projects. This is the before-tax marginal cost of capital.
The after tax marginal cost of capital should be used to evaluate new projects.
The marginal cost of capital should be used to evaluate new projects. The marginal cost of capital is the after-tax cost of the new source of capital that will be used to finance the new project. This answer uses the cost of capital which is all past sources of financing.