In 2021, Reneta currently has five debt issues outstanding with the weighted average cost of debt of 5.5 per cent. The value of the first debt is $ 1 billion, the second debt is $100 million, the third debt 74 million, the fourth debt 200 million, and the fifth debt is $100 million. Renata also has preferred stock. The book value of Renetas Common stock is $1 billion. Renetas common stock and preferred stock is equally distributed and Reneta always maintain this ratio. For common stock, Reneta paid a dividend of 14.5 cents per share in last year. Reneta pays 20 cent as the divided for its preferred shares. Treasury bills currently yield 4.5 per cent and have an estimated beta of 1.90. Based on its past declaration, Renetas common stock dividend is always expected to grow at a rate of 3 per cent per year into perpetuity. Renata always maintains an equal debt-equity ratio. Today, the market price of Renetas common and preferred share is $3.20 per share. With an applicable tax rate of 30%, calculate the weighted average cost of capital (WACC) for Reneta. Show detailed calculation. Kindly note that you must show a detailed calculation process. Without a detailed calculation process, marks will be deducted. Excel calculation will be ignored.