Problem 13-3 Calculating WACC (LO3) Micro Spinoffs, Inc., issued 20-year debt a year ago at par value with a coupon rate of 5%, paid annually. Today, the debt is selling at $1,120. The firm's tax bracket is 30%. Micro Spinoffs also has preferred stock outstanding. The stock pays a dividend of $9 per share, and the stock sells for $50. Micro Spinoffs's cost of equity is 20%. What is its WACC if equity is 60%, preferred stock is 10%, and debt is 30% of total capital? (Do not round intermediate calculations. Round your answer to 2 decimal places.) WACC 1%