To help them estimate the company's cost of capital, Smithco has hired you as a consultant. You have been provided with the following data: target capital structure is $35\%$ debt, $10\%$ preferred, and $55\%$ common equity; the interest rate on new debt is $6\mathrm{.}50\%,$ the yield on the preferred is $6\mathrm{.}00\%$; D$1=$ $$1\mathrm{.}45$; P$0=$ $$22\mathrm{.}50$; and gL $=6\mathrm{.}50\%($constant$)$; tax rate is $25\%.$ What is the company's WACC $($Estimate the cost of equity based on the dividend growth approach$)?$ Using Excel