(32) QUESTION ONE Steelco Limited has the following capital structure: Capital structure Details Market Price Equity 2 500 0000 R2 ordinary shares R2,5 Preference Shares 1 500 000 12% R1 preference shares R1,2 Reserves R2 500 000 NA Bank loan R300 000 15% NA Debentures R1 250 000 16% R150 (issued at R100) The current and expected future rate of ordinary share dividend is 25%. Assume a tax rate of 30% What is the company's weighted average cost of capital