Use the appropriate information provided below to estimate a weighted average cost of capital for a project with a planning life of about 10 years.

• Tax rate used for future estimates = 33.0%
• Current yield to maturity on company bonds = 5.93%
• Current yield on US Treasury bills = 1.54%
• Current yield on 10-year Treasury note = 3.74%
• Total assets = $665135
• Current liabilities = $75696
• Long-term debt = $91194
• Shareholders' equity = $364003
• Estimated market risk premium = 7.31%
• Current company beta = 1.22
• Recent stock price = $53.68