(Formula only , Financial calculator and excel are not accepted!!!!!!!)

One of your clients has provided you with the following data relative to current costs and for various ranges of financing for its basic sources of external capital: long-term debt, preferred stock (preference shares), and common stock equity (ordinary shares). (Formula only, Financial calculator and excel are not accepted!!!!!!!) Source of Capitale After-tax Cost Range of Total New Financing Long-term debte 9% 0 to 800,000 A 10% 800,001 to 1,200,000 e 12% 1,200,001 and above Preferred stocke 21% 0 to 400,000+ A 23% 400,001 and above Common stocke 22% 0 to 300,000 26% 300,001 to 650,000+ A 28% 650,001 to 900,000+ e 32% 900,001 and above The firm expects to have 165,000 of current retained earnings in the coming year at a cost of 22%; once these retained earnings are exhausted, the firm will issue new common stock. The company's target capital structure proportions used in calculating the weighted average cost of capital are: