Mullineaux Corporation has a target capital structure of 66 percent common stock, 11 percent preferred stock, and 26 percent debt. Its cost of equity is 12 percent, the cost of preferred stock is 7 percent, and the pretax cost of debt is 9 percent. The relevant tax rate is 35 percent.

a. What is the company's WACC?

b. What is the after-tax cost of debt?

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