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Excel Activity: Galculating the WACC Here is the condensed 2021 balance sheet for skye Computer Company (in thousands of dollars): Skye's earnings per share last year were $3.20, The common stock sells for $50,00, last year's dividend (D0) was $2.40, and a flotation cost of 8% would be required to sell new common stock. Security analysts are projecting that the common dividend will grow at an annual rate of 9%. 5kyes preferred stock pays a dividend of $3.30 per share, and its preferred stock sells for $30.00 per share. The firm's before tax cost of debt is 8%, and its marginal tax rate is 25%. The firm's currently outstanding 8% annual coupon rate, long-term debt sells at par value, The market risk premium is 5%, the risk-free rote is 6%, and 5ky 's beta is 1.754. The firm's total debt, which is the sum of the company's short term debt and long term debt, equals $2 miltion. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the requared analysis to answer the questions below. Do not round intermediate calculations, Round your answers to two decimal ploces. Download satendsheet Calculating the WACC. 869717 xisx a. Calculate the cost of each capital component, that is, the after-tax cost of debt, the cost of preferred stock, the cost of equity from retained earnings, and the cost of newly issued common stock. Use the DCF method to find the cost of corrmon equity. After-tax cost of debt Cost of preferred stock: (8) Cost of retained earnings: \%. Cost of new common stock: \% b. Now calculate the cost of common equity from retained earnings, using the capM method. % c. What is the cost of new common stock based on the CAPM? (Hint: Find the difference between re and rs as determined by the DCF method, and add that differential to the CAPM value for r5 ) d. If Skye continues to use the same market-value capitai structure, what is the firm's WACC assuming that (1) it uses onity retained earnings for equity and (2) if it exponds so rapidly that it must issue new common stock? (Hint: Use the market value capital structure excluding current fiabilties to determine the weights. Also, use the simple average of the required values obtained under the two methods in calculating wacC.) WACC 1 : % c. What is the cost of new common stock based on the CAPM? (Hint: Find the difference between re and r3 as determined by the DCF method, and add that differential to the CAPM value for rs ) % d. If Skye continues to use the same market-value capital structure, what is the firm's WACC assuming that (1) it uses only retained earnings for equity and (2) if it expands so rapidly that it must issue new common steck? (Hint: Use the market value capital structure excluding current liabilities to determine the weights. Also, use the simple average of the required values obtained under the two methods in calculoting WACC.) \begin{tabular}{ll} WACC 1: & % \\ WACC 2: & % \end{tabular}