Jones Furniture has a capital structure that consists of 40 percent debt and 60 equity. The company's long-term bonds have a before-tax yield to maturity of 9.4 percent. The company uses the DCF approach to determine the cost of equity. Flaherty's common stock currently trades at $55 per share. The year-end dividend (D1) is expected to be $3.50 per share, and the dividend is expected to grow forever at a constant rate of 6 percent a year. The company's tax rate is 30 percent. What is the company's weighted average cost of capital, WACC? %. TO RECEIVE CREDIT FOR THIS QUESTION YOU MUST SHOW BOTH YOUR ANSWER, ROUNDED TO TWO DECIMAL PLACES, AND THE CALCULATIONS USED TO ARRIVE AT THAT ANSWER. COMPUTATIONS FOR IRR, NPV AND OTHER TIME VALUE OF MONEY PROBLEMS MUST BE SOLVED WITH YOUR REQUIRED COURSE CALCULATOR. IF REQUESTED YOU MUST BE ABLE TO DEMONSTRATE THAT YOU USED THE REQUIRED COURSE CALCULATOR TO SOLVE THESE TYPE OF PROBLEMS