12. A company sells bonds with a face value of $ 1,000 to make money to invest. He currently has $ 500,000 of dividends withheld from common stock and the sale of preferred stock for a total amount of $ 150,000 is approved. It is expected to receive $ 700,000 of debt with the sale of the bonds. These bonds are 20 years with a coupon interest rate of 10% per year. Sold at par. Also, it is known that common shares are currently trading at $ 15 and the expected dividend for next year is $ 3, with an expected growth of 2%. The preferred shares are sold at par, with a par value of $ 45 and pay an annual dividend of $ 10. Putting both the bonds and the preferred shares into circulation causes you a float cost of 2% of the nominal value of each instrument to the company. What is the minimum acceptable return for the company, if set as WACC + 2%? The tax rate paid by the company is 38%.