1. Ziggy Ltd has 1 000 000 shares in issue and is currently paying a dividend of R2 per share with a growth of 5%. 
2. The shareholders require a rate of return of 24%. 
3. The preference shares have no conversion rights and carry a dividend pay-out ratio of 15%. 
4. Similar preference shares are currently trading at 12%. 
5. The long-term loan matures in 10 years and carries an interest rate of 16%. 
6. Current long-term interest rates for a similar loan are 18,34%. 
7. Bank overdraft rate is 20% and the tax rate is 40%. 
8. Ordinary issued shares R 5000 000 Non-distributable reserves R 600 000 
9. Retained income R 400 000
10.  Irredeemable preference shares R2 000 000 
11. Long-term loans R1 000 000 
12. Bank overdraft R 300 000 
13. Deferred taxation  R 600 000

Required: 

Calculate the WACC at market value.