Compute the WACC for the Papi's Inc., using the following data about its capital structure. Click here for a shell excel file.

Common stock: Shares of common are currently selling for $$70$ per share, have a par value of $$10.$ Total book value for common stock reported in the balance sheet is $$15$ million. The stock has a beta of $1\mathrm{.}10.$ Company just paid a dividend $(D_0)$ of $$8\mathrm{.}70.$ The annual dividend growth rate $)$ for the future is expected to be $6\%$ annually forever.

Debt: $10$ years ago, company issued a $30-$year corporate bond with a yield to maturity $($YTM$)$ of $8\%$ then. Currently these bonds have a yield to maturity of $11\%$; the bonds make semiannual payments. These bonds trade currently at $90\%$ of par. The book value of the bond reported in the balance sheet is $$40$ million.

Preferred stock: $120,000$ shares of $8\mathrm{.}6\%$ preferred stock selling at $$80$ per share. Par value is $$100$ per share.

Market: The market risk premium is $12\%$ and the U$.$S$.$T$-$bill rate is $2\%.$

Papi's tax rate is $20\%.$

Click here for access to shell excel for computing WACC

For your answer and to reduce rounding error issues, use percentage format and round to the $ON{E}_{?}$ decimal and do not enter $\%$ sign. If your final calculation results in $0\mathrm{.}24576$ then enter $24\mathrm{.}6$; if your answer is $4\%,$ then enter $4\mathrm{.}0$; if your answer is $0\mathrm{.}11,$ then enter $11\mathrm{.}0$;