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The 7% debt cost and the 12% equity cost should be weighted by the proportions of the total investment represented by each source of capital. The total project costs $50 million, of which debt is $15 million, or 30% of the total. Equity capital (retained earnings) is the other 70%. Consequently, the weighted-average cost of capital is (.30 × .07) + (.70 × .12) = .105 or 10.5%.
The 7% debt cost and the 12% equity cost should be weighted by the proportions of the total investment represented by each source of capital. The total project costs $50 million, of which debt is $15 million, or 30% of the total. Equity capital (retained earnings) is the other 70%. An answer of 8.50% results from reversing the weights.
The cost of debt is 7% and the cost of equity is 12%. The weighted-average cost cannot be less than all of its components.
An answer of 9.50% assumes that debt and equity are equally weighted, i.e., it is an unweighted average of the 7% cost of debt and the 12% cost of equity.