Use the following information to answer questions 13 and 14.

An analyst

following Sudwala Limited has compiled the following information for the year

ended 2025 in preparation for an additional analysis to include in a report she

has been asked to produce (data is in hundreds of millions of Rands). Sudwala

uses preference shares, bond and equity financing.

Preference

share dividends                                                                  R18

Net income

available to common shareholders                               135

Increase in investment

in working capital                                           R32

Increase in

investment in fixed capital                                                R54

Amortisation

and impairment of intangibles                                     R4

Depreciation                                                                                             R40

Interest

expense                                                                                R31.84

Tax rate                                                                                                     25%

Long-term growth rate of FCFF                                                         3.20%

The weighted average cost of capital (WACC) of Sudwala is closest to: