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(4) In 2021, Reneta currently has five debt issues outstanding with the weighted average cost of debt of 7 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 does not have any preferred stock. The book value of Reneta's stock is $1 billion. Last year Reneta paid a dividend of 14.5 cents per share. Treasury bills currently yield 4.5 per cent and have an estimated beta of 1.90. Based on its past declaration, Reneta's 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 Reneta's shares is $3.20 per share. With an applicable tax rate of 20%, calculate the weighted average cost of capital (WACC) for Reneta. Show detailed calculation. What are the likely consequences if Reneta uses this WACC to evaluate all proposed investments? Kindly note that you must show a detailed calculation process. Without a detailed calculation process, marks will be deducted. Excel calculation will be ignored. 5