Below is information regarding the capital structure of Micro Advantage Inc. On the basis of this information you are asked to respond to the following three questions:

Required:

$1.$ Micro Advantage issued a $$5,650,000$ par value, $19-$year bond a year ago at $96($i$.$e$.,96\%$ of par value$)$ with a stated rate of $10\%.$ Today, the bond is selling at $115($i$.$e$.,115\%$ of par value$).$ If the firm$$s tax bracket is $35\%,$ what is the current after$-$tax cost of this debt?

$2.$ Micro Advantage has $$5,650,000$ preferred stock outstanding that it sold for $$23$ per share. The preferred stock has a per share par value of $$23$ and pays a $$4$ dividend per year. The current market price is $$25$ per share. The firm$$s tax bracket is $28\%.$ What is the after$-$tax cost of the preferred stock?

$3.$ In addition to the bonds and preferred stock described in requirements $1$ and $2,$ Micro Advantage has $78,000$ shares of common stock outstanding that has a par value of $$10$ per share and a current market price of $$160$ per share. The expected after$-$tax market return on the firm$$s common equity is $21\%.$ What is Micro Advantage$$s weighted$-$average cost of capital $($WACC$)?$