Chevron Corporation (CVX) has 1,865,864,238 shares of common stock outstanding selling at $92.22 per share. Chevron also has 28,247,195 bonds outstanding with a 3.078% coupon rate, maturing in 30 years, and selling for 108.74% of par. For the last six years Chevron has paid the following dividends on its common stock:

a. Calculate the market value weights for Chevron’s capital structure.

b. Calculate Chevron’s cost of equity.

c. Calculate Chevron’s before-tax cost of debt.

d. Calculate Chevron’s current WACC using a 21% corporate tax rate.

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Year 2019 2018 2017 2016 2015 2014 Dividend $4.76 $4.48 $4.32 $4.29 $4.28 $4.21