Here is the condensed 2021 balance sheet for Skye Computer Company (in thousands of dollars): 2021 Current assets $ 2,000 Net fixed assets 3,000 Total assets $ 5,000 Accounts payable and accruals $ 900 Short-term debt 200 Long-term debt 925 Preferred stock (15,000 shares) 475 Common stock (40,000 shares) 1,225 Retained earnings 1,275 Total common equity $ 2,500 Total liabilities and equity $ 5,000 Skye's earnings per share last year were $3.05. The common stock sells for $65.00, last year's dividend (D0) was $1.95, and a flotation cost of 12% would be required to sell new common stock. Security analysts are projecting that the common dividend will grow at an annual rate of 8%. Skye's preferred stock pays a dividend of $3.15 per share, and its preferred stock sells for $35.00 per share. The firm's before-tax cost of debt is 10%, and its marginal tax rate is 25%. The firm's currently outstanding 10% annual coupon rate, long-term debt sells at par value. The market risk premium is 4%, the risk-free rate is 5%, and Skye's beta is 1.276. The firm's total debt, which is the sum of the company's short-term debt and long-term debt, equals $1.125 million. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Round your answers to two decimal places.