Elite Construction Company plans to raise 2 million dollars to finance their new operation. The accountants plan to take $400K from the earnings. They also plan to borrow $700K from a lending institution that charges 8% annual rate compounded monthly; Issue bonds for $500K with a cost of 6% yearly compounded quarterly; Issue common stock for $400K, which issue $0.75 dividend per year. The current stock price is $15 a share and the growth rate is 5% per year. Their effective tax rate is 34 percent and they pay taxes annually. Their MARR is the weighted average cost of capital plus 4 percent. Determine the MARR. Please answer in excel