3. GM is considering investing in a new plant that will save the company $20 million each year thereafter. Assume the market value of GM's equity, preferred stock, and debt are $6 billion, $2 billion, and $13 billion, respectively. GM has a beta of 1.7, the market risk premium is 8%, and the risk-free rate of interest is 3%. GM's preferred stock pays a dividend of $4 each year and trades at a price of $30 per share (hint: use the perpetuity formula). GM's debt trades with a yield to maturity of 8.0%. What is GM's before tax weighted average cost of capital?