Which statement is true regarding New Common Equity and Old Common Equity.

a. Using the Flotation cost in the overall WACC formula will lead to a lower WACC.

b. All equity calculaions include flotation costs

c. Old Equity will usually cost more than Common Equity

d. Flotation Costs must be factored in when calculating the cost of new common equity.

e. New equity will have a higher cost than old equity due to flotation costs.