İn thls artlcle, the Weighted Average Cost of Capital (VVACC) formula for the after-corporate-tax case has been de-rived, uslng the Standard restrictive assumptlons. Appropriate Oiscount Rate (ADR) which Is deflned as the rate at which projects should be evaluated to maximlze the value of a firm has been derlved for both the püre equity and the equity vvith debt Capital structures. Then the ADR for Capital budgeting de-cisions is applied to an analysis of the VVACC under finite-lived constant cash flovv assumptions.