Local Manufacturing Inc., (with 22% tax rate) has 18% for cost of equity, 12% for cost of debt. The weight of equity is 80% and the weight of debt is 20% in the firm's capital structure. The company does not use any preferred stock. Also, the stock's beta is 2.5, and the stock is currently trading at $18 per share. Calculate the weighted average cost of capital for this company. Clearly label your findings (e.g., xyz ratio = ..) and designate which part of the question you are answering (if there are multiple parts). Write out your equations clearly. Show your work by typing it in Canvas. Answers (whether correct or incorrect) without work shown will receive zero points. Simply typing your work will suffice. (e.g., x = y + 2z). No need to use mathematical functions in Canvas. In each part of the question (when there is a calculation): Leave four decimal places in intermediate steps. Leave four decimal places for the final answer (only two decimal places if it is a dollar amount)