Gymogae (Pty) Limited (Gymogae) is a multi-national conglomerate. Gymagoe is in the process of calculating their WACC rate for the 2020 financial year and has complied the following information: Ordinary Shares Dividend declared for 2020 R250 000. The dividend yield of Gymogae is estimated to be 11%. There are 100 000 ordinary shares in issue. Preference Shares These are 10% preference shares convertible into ordinary shares in 2022. The offer for conversion is one ordinary share for every four preference shares held. It is estimated that these preference shares have a market rate of 18%. The book value of the preference shares is R4million and the price per preference share is R5. Debentures These debentures are non-convertible and non-redeemable. The debentures current yield to maturity is 20%. The market value of the debentures is R14million. Additional Information: Extract from the statement of comprehensive income: 2019 2018 2017 $ $ $ Profit After TAX 650 000 601 800 557 200 Calculate the weighted Average Cost of Capital (WACC) of Gymogae Ltd. (25)