A company has a total (i.e., debt + equity) market value of $120 million. The firm has one class of debt with 30,000 bonds outstanding. The face value is $1000, the coupon rate is 11% (with annual coupon payments), the maturity is 6 years, and the current yield to maturity is 9.21%. The tax rate is 21%, and the firm has just recently paid a dividend of $4/share. Its current share price is $40, and the dividends are expected to grow at 3% per year indefinitely.

a) What is the firms WACC?

b) How many shares does it have outstanding?