Given the following information, Calculate the weighted average cost for the Ban Corp. Percent of capital structure:

Preferred Stock 10%

Common equity: 70%

Debt: 20%

Additional information:

Corporate tax rate: 34%

Dividend, preferred: $8.00

Dividend, expected common: $4.00

Price, preferred: $80.00

Growth rate: 5%

Bond yield: 7%

Price, common: $80.00