Find the WACC. Please do not use Excel

Kumquat Ltd has asked for your assistance in computing WACC. Looking through the financial records they have provided, you find the following facts: Kumquat Ltd is not publicly traded, so a current share price must be estimated. Kumquat has 50,000 shares on issue Last year Kumquat paid dividends of $10.50 per share. Dividend policy is to increase the cash dividend by 3% per year indefinitely (you can assume that income projections and budgets support this policy) Based on Kumquat's business and capital structure, beta for Ky uat shares is estimated at 1.5. The current risk free interest rate is 2% and the expected return on the market portfolio is 8%. O Kumquat's only debt is a private bond issue. A total of 2,000 bonds were issued with a face value of $1,000 per bond. The bonds pay annual coupons of 6%. Based on current market conditions, Kumquat's CFO estimates that the market yield for Kumquat bonds is 4%. These bonds have ten years remaining until maturity. Kumquat faces a corporate tax rate of 30%