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please show steps ; no excel plz IV. Western Electric has 1,200,000 shares of common stock outstanding at a price per share of $30 and

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IV. Western Electric has 1,200,000 shares of common stock outstanding at a price per share of $30 and a rate of return of 12.5 percent. The firm has 50,000 shares of 6 percent preferred stock outstanding at a price of $90 a share. The preferred stock has a par value of $100. The outstanding debt has a total face value of $6,000,000 and currently sells for 95 percent of face value. The yield to maturity on the debt is 6.30 percent. What is the firm's weighted average cost of capital if the tax rate is 21 percent? ( 12 points)

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