2. Based on Problem 9-5 A firm has issued 40,000 shares of stock whose current price is $110 per share. Shareholders expect an annual return of 12%. The firm also has taken a two-year loan of $3,000,000 for which they pay 8.2% annual interest. It has also issued 4,500 bonds with a face value of $900 each, with 15 years left to maturity, semi-annual compounding, and a coupon interest rate of 6%. Each bond is currently worth (has a current market price of) $1,050. (a) Using market values for its debt and equity, calculate the firm's weighted average cost of capital (WACC) before taxes. Round to one decimal place (x.x%). (b) Assume a tax rate of 29% applies. Calculated the WACC after accounting for the impact taxes have. Apply the same rounding