Upton Umbrellas has a cost of equity of 11.3 percent, the YTM on the company's bonds is 5.9 percent, and the tax rate is 40 percent. The company's bonds sell for 93.3 percent of par. The debt has a book value of $399,000 and total assets have a book value of $949,000. If the market-to-book ratio is 2.65 times, what is the company's WACC?

Alpha Industries is considering a project with an initial cost of $9.3 million. The project will produce cash inflows of $1.64 million per year for 9 years. The project has the same risk as the firm. The firm has a pretax cost of debt of 6.00 percent and a cost of equity of 11.53 percent. The debtequity ratio is .73 and the tax rate is 39 percent. What is the net present value of the project?