Use the following information to answer questions 20 through 25: Acme Services' CFO is considering whether to take on a new project that has average risk. She has collected the following information: . The company has outstanding bonds that mature in 15 years. The bonds have a face value of $1,000, an annual coupon of 7.5%, and sell in the market today for $1, 150. There are 15,000 bonds outstanding. . The risk-free rate is 3%. . The market risk premium is 5%. . The stock's beta is 0.9. . The company's tax rate is 35%. . The company has 100,000 shares of preferred stock with a par value of $100. These shares are currently trading at $73, and pay an annual dividend of $3.50. . The company also has 2,250,000 common shares trading at $15. These shares last paid an annual dividend of $0.33