The unlevered cost of capital is an evaluation that uses either a

hypothetical or actual debt-free scenario when measuring the cost to a

firm to implement a particular capital project. The unlevered cost of
capital should illustrate that it is a cheaper alternative than a levered cost
of capital investment program. It is a variation of the cost of capital
calculation.
Unlevered Cost of Capital = (Risk Free Rate) + Beta(Expected Market
Return Risk Free Rate)
To make the calculation, the beta of the investment must be determined.
The beta is a representation of the volatility of a particular stock or
investment over time.

Weighted average cost of capital (WACC) is a calculation of a firm's cost of

capital in which each category of capital is proportionately weighted.
All sources of capital, including common stock, preferred stock, bonds and
any other long-term debt, are included in a WACC calculation.

Where

Re = cost of equity
Rd = cost of debt
E = market value of the firm's equity
D = market value of the firm's debt
V = E + D = total market value of the firms financing (equity and debt)
E/V = percentage of financing that is equity
D/V = percentage of financing that is debt
Tc = corporate tax rate