The company has the following capital structure: Debt $36,000,000 Preferred stock $18,000,000 Common stock $66,000,000 To support the new investment, the company needs to raise $40,000,000. What will be the cost of capital if the company decide to raise the needed capital proportionally and with following costs? Please use the following information to calculate the weighted cost of capital:

a. Bond A 30-year bond with a face value of $1000 and coupon interest rate of 13% and floatation cost of $20 (Tax is 35%)

b. Preferred stock Face value of $35 that pays dividend $5 and floatation cost of $2

c. Common stock Market value of $54 with floatation cost of $3.5. Last dividend was $6. The dividend will expect to grow at 7%. Please show work