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Consider a company with a capital structure consisting of 45% debt and 19% preferred stock, with the remainder in common stock. The company's debt is

Consider a company with a capital structure consisting of 45% debt and 19% preferred stock, with the remainder in common stock. The company's debt is represented by one bond issue, which currently has a yield to maturity of 7.11%. The preferred shares each have a par value of $1,000 and offer a dividend rate of 4.3%. The market price per share of the preferred stock is currently $903.37. The firm's cost of common equity has been estimated to be 13.17% using the CAPM. The company's tax rate is 28%. What is the company's weighted average cost of capital (WACC)?

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