How is the value for PMT=70

Your firm has debt with a market value of $3m, $1m in preferred stock, and equity with a market value of $4m and faces a corporate tax rate of 42%. The expected market return is 11%, the risk free rate is 3% and the firm's Beta is 2.1. The preferred stock has a current price of $60 and pays a $4 dividend. The firm's debt consists of bonds with a coupon rate of 14% that makes payments semi- annually and matures in 6 years. The current price of the bond is $1160. What is the WACC? REquity = 0.032.1 (.11.03) = .198 Rpreferred Po 60 .067 PMT= 70 PV=-1160 FV = 1000 N = 6(2) = 12 =RATE(12,70,-1160,1000) Rate = 5.18% Yield = 5.18% *2= 10.4% = Roebt