Debt: The firm can sell a 15 -year, $1,000 par value, 10 percent bond for $950. A flotation cost of 1% of the par value would be required in addition to the discount of $50. Preferred Stock: The firm has determined it can issue preferred stock at $50 per share par value. The stock will pay an $4.5 annual dividend. The cost of issuing and selling the stock is $2.5 per share. Common Stock: The firm's common stock is currently selling for $35 per share. The dividend expected to be paid at the end of the coming year is $5. Its dividend payments have been growing at a constant rate of 5% for the last five years. It is expected that to sell, a new common stock issue must be underpriced at $2 per share and the firm must pay $1.5 per share in flotation costs. Calculate the firm's weighted average cost of capital assuming the firm has exhausted all retained earnings (firm's marginal tax rate is 20 \%)