Eli Lilly has a target capital structure of $15\%$ short$-$term debt, $25\%$ long$-$term debt, $20\%$

preferred equity, and the rest in common equity. The company$$s before tax weighted average

cost of debt is $6\mathrm{.}5\%.$ Their preferred stock is currently selling at $$35$ a share and paying a

dividend of $$3.$ The company$$s common stock has a current market price of $$23$ per share

and the last dividend paid was $$2.$ If dividends are expected to grow at a constant rate of $4\%,$

what is the company$$s WACC?