Hankins Corporation has $8\mathrm{.}7$ million shares of common stock outstanding, $620,000$ shares of $7\mathrm{.}2$ percent preferred stock outstanding, and $187,000$ of $8\mathrm{.}4$ percent semiannual bonds outstanding, par value $$1,000$ each. The common stock currently sells for $$65\mathrm{.}20$ per share and has a beta of $1\mathrm{.}32,$ the preferred stock currently sells for $$106\mathrm{.}80$ per share, and the bonds have $17$ years to maturity and sell for $90$ percent of par. The market risk premium is $6\mathrm{.}9$ percent, T$-$bills are yielding $5\mathrm{.}6$ percent, and the firm$$s tax rate is $38$ percent.

a$.$ What is the firm's market value capital structure? $($Do not round intermediate calculations and round your answers to $4$ decimal places, e$.$g$.,32\mathrm{.}1616.)$

Market value weight of debt

Market value weight of preferred stock

Market value weight of equity

b$.$ If the firm is evaluating a new investment project that has the same risk as the firm$$s typical project, what rate should the firm use to discount the project$$s cash flows? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Weighted average cost of capital

$\%$