Steadman Oil issued 32 thousand in corporate bonds 8 years ago at 3.75% interest. It has 17.5 million in fixed term loans at 6.5%. Short term debt is 187 thousand at 8.3%. Company corporate tax rate is 17%. Steadman Oil pays a dividend per share of 1.17 on a stock price of 23 per share. 16.5 million shares are issued. It intends to increase the dividend year on year by 5%.

Calculate the Weighted Average Cost of Capital and provide a brief explanation as to what these figures represent in terms of the structure of the companys capital funding.