Can you please show step by step and also how to do it on HP financial calculator.

Your firm recently paid a dividend of $4 to common stockholders. Dividends are expected to grow at 8% per year for the foreseeable future. The current stock price is $54.

Preferred stock would pay a 12% dividend on a $50 par value. The stocks would sell for par value less flotation costs of $2 per share. Wellington has a marginal tax rate of 34%. What is the firms cost of capital if their capital structure consists of 60% equity and 40% preferred stock?

The answer is 14.60% but idk how to do it