UML Clothing Company has 500,000 shares of common stock outstanding which are priced in the market at $27 per share, 120,000 shares of preferred stock with a market price of $53 per share, and 6,000 bonds outstanding selling in the market at 94.85 percent of par value. The company needs to raise $6 million in new capital to buy new machines. The cost of equity is 11%, the cost of new preferred stock is 8.5%, and the bonds are yielding 9% in the market. Assume corporate tax rate is 35%

What percent of the funds needed for expansion will be in the form of debt?

What percent of the funds needed for expansion will be in the form of equity?

What is the weighted average cost of capital for UML Clothing Company?