A company has a $100 million par value bond issue outstanding with 15 years to maturity. The bond pays a coupon of 6.5% per year, semiannually, and the issues yield to maturity is 6.1% per year. The company also has a $50 million par value perpetual preferred stock issue outstanding. The preferred stock pays a dividend rate of 7.25% per year and its market value is $55.3 million. The companys tax rate is 36%. The common stock trades for $54.12 per share and there are four million shares outstanding. The risk-free interest rate is 3.1% per year and the expected market return is 8.4% per year. The stocks last annual dividend was $4.25 per share and the dividend is expected to grow forever at a constant rate of 6.8% per year. What is the companys weighted average cost of capital?

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