House Ramen's current capital structure is 70% equity, 25% debt, and 5% preferred stock. This is considered optimal. House Ramen is considering a $50 million capital budgeting project. During the coming year they expected to have $15 million of retained earnings available to finance this capital budgeting project. The marginal tax rate is 40.00%. -Long-term debt can be raised at a pretax interest rate of 7.00% Preferred stock can be sold at a $25 price with a $2 annual dividend. Flotation or issuance costs will be $3 per preferred share. Common stock can be sold at a $20 price. The common dividend is expected to be $3.00 next year. Dividends have been growing at an annual compound rate of 4% annually and are expected to continue growing at that rate into the foreseeable future. Flotation or issuance costs will be $4 per common share. Calculate House Ramen's weighted average cost of capital. Weighting of the equity component can be divided into internal equity and external equity. While the total is 70%, the amount for internal equity is % and for external equity is %. after-tax cost of debt is %, cost of preferred stock is %, cost of internal equity is % and cost of external equity is %. Therefore, the weighted average cost of capital is %