A company has two bonds outstanding, both with semiannual coupons. The first one has a coupon rate of $3\%,$ a maturity of $15$ years and a YTM of $7\%.47,000$ of these bonds are outstanding. The second bond has a coupon rate of $9\%,$ a maturity of $20$ years and a price of $$1,346\mathrm{.}72.$ The book value of this issue is $$12$ million.

The company has no preferred stock, but $9$ million shares of common stock outstanding, trading at $$46\mathrm{.}2,$ and its equity beta is $1\mathrm{.}5.$ The yield on treasuries is $6\%$ and the expected market risk premium is $6\%.$ The marginal tax rate is $34\%.$ The target capital structure weight for equity is $1$ percentage points larger than the actual one.

What is the before$-$tax cost of debt overall?

What is the target capital structure weight for equity?

What is the weighted average cost of capital?