3. The following nancial information relates to the operation of Woodwork Ltd: Woodwork Ltd: Selected Balance Sheet data $ Liabilities Accounts payable 153,333 12% Debentures, $1,333I par value 333.333 Mortgage loan 1,333,333 Shareholders' minds 3% Preferenoe shares, $133 par value 533,333 Ordinary shares, issued and paid up at $23 3,333,333 Retained earnings 233,333 Additional information: 0 vi] The debentures which pay quarterly coupon at a rate of 12% per annum are curreme selling at $1,133 each and mature in eight years\" time. Current mortgage loan has ten years remaining unljl maturity and the interest charged monthly is 3.4% per annum. A new loan is estimated to oost 3.3% per annum on similar terms. The ordinary shares are currently trading at $25.33 each. Woodwork's dividend next year is expected to be $2.23 per share, and it is expected to grow at a constant annual rate of 5% to innity. Woodwork has just issued new 3% preference shares at a par value of $133 per share. The oosts of issuing and selling the preference shares were $2.33 per share. Total net proceeds from the sales after flotation costs were $493,333. The company income tax rate is 33 cents in the dollar. You are required to calculate the aftertax weighted average cost of capital [effective annual rate} for Woodwork Ltd