The Hummingbird Corporation has financial leverage. If it had no debt, its equity Beta would have been .90. The corporation's target debt-equity ratio equals .45 and it would like to keep it at this level when expanding its business in the future. Here is some information on the market: the expected return on the market portfolio equals 11 percent, and T-bills offer a 2.9 percent annual return. The Hummingbird Corporation has debt with 20 years to maturity, $1,000 par value, and a 5.9 percent coupon rate, with semiannual coupon payments. Today these bonds can be bought and sold for $1,045 each. The coroporation face a corporate income tax rate of 22 percent.

a.	Calculate the Hummingbird Corporation's cost of debt. (HINT: "annual yield to maturity"!) (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	Calculate the Hummingbird Corporation's cost of equity. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c.	Finally, calculate the Hummingbird Corporation's weighted average cost of capital (or WACC). (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)