22. Given the following information, calculate the weighted average cost of capital for Digital Processing, Inc. Line up the calculations in the order shown in Table 11-1 on page 332.

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Percent of capital structure: Preferred stock Common equity Debt... Additional Information: 15% 40 45 Corporate tax rate 34% Dividend, preferred $8.50 Dividend expected, common $2.50 Price, preferred... $105.00 Growth rate 7% Bond yield... 9.5% Flotation cost, preferred $3.60 Price, common $75.00