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Question 3 a) A firm has determined its optimal structure which is composed of the following sources and target market value proportions. Long-term_debt 30% Preferred stock 20% Common_stock_equity 50% Total 100% Debt The firm can raise debt by selling RM1,000-par-value, 8% coupon interest rate for RM940, 20 year bonds on which annual interest payments will be made. Continued... Preferred stock The firm can sell 8% preferred stock at its RM95-per-share par value. The cost of issuing and selling the preferred stock is expected to be RM5 per share. Preferred stock can be sold under these terms. Common stock The firm's common stock is currently selling for RM90 per share. The firm expects to pay cash dividends of RM7 per share next year. The firm's dividends have been growing at an annual rate of 6%, and this growth is expected to continue into the future. The flotation costs are expected to amount to RM5 per share. If the firm's marginal tax rate is 40 percent, i. Calculate the firm's after-tax cost of debt. (7 marks) ii. Calculate the cost of preferred stock. (5 marks) iii. Calculate the firm's cost common stock. (5 marks) iv. Calculate the firm's weighted average cost of capital (WACC), assuming the firm plans to pay out all of its earnings as dividends. (5 marks) b) What is cost of capital and how to determine it? (3 marks) (TOTAL: 25 MARKS)