Based on the following information, compute the weighted average cost of capital (WACC).
Project cost:	$ 10,000,000.00
Debt funding (issued at par):	$ 3,300,000.00		Weight of debt:	33%
Preferred equity funding (new issue):	$ 950,000.00		Weight of preferred stock:	9.50%
Common equity funding from retained earnings:	$ 1,900,000.00		Weight of internal equity:	19%
Common equity funding (new issue):	$ 3,850,000.00		Weight of external equity:	38.50%
Annual coupon rate on debt:	9.60%
			Cost of debt:	9.60%
Preferred stock price:	$ 13.79		Cost of preferred stock:	11.70%
Annual preferred stock dividend:	$ 1.45		Cost of internal equity:	21.76%
Cost per share to issue preferred stock:	$ 1.40		Cost of external equity:	22.20%
Common stock price:	$ 20.41		WACC:
Current dividend on common stock:	$ 0.65
Cost per share to issue common stock:	$ 2.15
Return on equity:	25.35%
Retention ratio:	71.00%
Tax rate:	37.50%