The Federal Reserve System consists of a. one Federal Reserve Bank and 12 Federal Reserve districts, each with one commercial bank
b. a main central bank located in New York, with 11 additional branch banks located across the country
c. 12 Federal Reserve Banks, each of which has a degree of independence from the U. S. government.
d. 12 independent banks in the 12 Federal Reserve districts, each of which are owned and controlled by the federal government.

Western electric has 32,000 shares of common stock outstanding at a price per share of $79 and a rate of return of 13.00 percent. the firm has 7,300 shares of 7.80 percent preferred stock outstanding at a price of $95.00 per share. the preferred stock has a par value of $100. the outstanding debt has a total face value of $404,000 and currently sells for 111 percent of face. the yield to maturity on the debt is 8.08 percent. what is the firm's weighted average cost of capital if the tax rate is 39 percent?