similar characteristics are yielding 6.7 percent, pretax. The company also has 48,000 sh h percent preferred stock and 75,000 shares of common stock outstanding. The preferred stock selle $64 a share. The common stock has a beta of 1.32 and sells for $41 a share. The preferred stated value of $100. The U.S. Treasury bill is yielding 2.2 percent and the return on the with f 5. stock ha shares o 3. Phillips Equipment has 6,500 bonds outstanding that are selling at 96.5 percent of par. Bonds 10.6 percent. The corporate tax rate is 21 percent. What is the weighted average cost of capital? (8 points)