The company has in issue 600,000 2 ordinary shares whose current ex dividend market price is 2.50 per share. Company just paid a dividend of 37p per share this dividend will increase at a rate of 5% per year in the future. 200,000 of irredeemable debentures are also in issue. Price was 203,000 and the recent quotation was 114. Tax rate is 34% . Calculate the wacc