1. Avery Corporation's recently hired you as a consultant to estimate WACC. You have obtained the following information. 1) The firm's noncallable bonds mature in 20 years, have an 8.00% annual coupon, a par value of $1,000, and a market price of $1,050.00; 2) The company's tax rate is 21%. 3) The next expected common stock dividend is $0.65 a share; the dividend is expected to grow at a constant rate of 6.00% a year; the price of the stock is $15.00 per share; the flotation cost for selling new shares is F=10%; 4) The target capital structure is 45% debt and 55% common equity. What is the firm's WACC, assuming it must issue new stock to finance its capital budget