This image shows a CPA finance study note from GevorgCPA.com explaining cost of capital and WACC including the WACC formula with debt, preferred shares, and equity components adjusted for tax, how WACC serves as the hurdle rate for investment decisions, complexities for private companies requiring risk premium adjustments, and the modified CAPM formula incorporating small-company and company-specific risk premiums, relevant to CPA PEP Finance elective and CFE exams.