According to the Pecking Order Hypothesis, what is the sequence of sources of funds that a firm will typically access when obtaining capital for additional investments:
Equity Issue, Debt Issue, Retained Earnings.
Retained Earnings, Debt Issue, Equity Issue.
Debt Issue, Retained Earnings, Equity Issue.
Debt Issue, Equity Issue, Retained Earnings.
It is irrelevant since WACC is independent of capital structure.