Which of the Following Is False

Which of the following is false?

A) The WACC is equal to the firm's embedded debt cost times (1 - the tax rate) .
B) The WACC requires the cost of debt be decreased by (1 - the tax rate) .
C) The WACC is not directly observable in financial markets.
D) The WACC is the required return on any investments a firm makes that have a level of risk equal to that of present operations.
E) The WACC reflects the risk and target capital structure of a firm's existing assets as a whole.