A firm has determined its optimal capital structure, which is comprised of the following sources and target market value proportions:

Source of capital target market proportions

Long term debt 30%

Preferred stock 5

Common stock equity 65

Debt: The firm can sell a 20-year, $1000 par value, 9 percent bond for $970. Interest is payable annually.

Preferred Stock: The firm has determined it can issue preferred stock at $65 per share. The stock will pay an $8.00 annual dividend.

Common Stock: The firms common stock is currently selling for $40 per share. The dividend expected to be paid at the end of the coming year is $3.00. Its dividend payments have been growing at a constant rate of 5%.

Additionally, the firms marginal tax rate is 40 percent.

What are the firms after-tax cost of debt, cost of preferred stock, cost of common stock, and the weighted average cost of capital? Please show work.