Current information regarding XYZ includes:

Debt: 25,000 bonds outstanding, each with a coupon rate of 6.5% paid semi-annually, par value of $1,000, maturity of 20 years, and current value of 96% of par.

Common Stock: 400,000 shares outstanding with a current value of $89/share. An annual dividend of $4.74 has just been paid, and dividends are expected to grow by 9% annually into the foreseeable future.

Preferred Stock: 35,000 shares of 6.5% stock with a par value of $100/share, and a current value of $99/share.

Tax rate: XYZ